Uphold Exchange Holds Over 921 Billion Shiba Inu As Reserve

Uphold has published its PoR, with an overcollateralized ratio of 100.9%

New York-based digital financial services platform Uphold has published its Proof-of-Reserves, showing that it holds a significant amount of Shiba Inu tokens in its reserve. 

According to data from its PoR platform, Uphold currently holds $10,426,801 ($10.42M) worth of SHIB. At the current exchange rate of $0.00001132, Uphold holds 921,095,494,699.64 (921.09 billion) Shiba Inu tokens.

Per the report, Shiba Inu’s transaction volume currently stands at 0.19%. In addition, Shiba Inu has a total transaction count of 377.9K on the leading digital financial services platform. 

In a tweet yesterday, Uphold said the crypto asset is over 100% reserved. 

? Proof of Reserves ?

The Uphold platform is 100%+ reserved ✊

Always has been and always will be ?

— Uphold (@UpholdInc) April 4, 2023

Uphold’s PoR Report

Aside from SHIB, Uphold also published its PoR for its other supported assets, including fiats, cryptos, stocks, etc. Data from Uphold shows that the financial services platform holds $1,796,524,959 ($1.79B) assets in its reserve, with an overcollateralized ratio of 100.9%.

To provide clarity, Uphold divided the assets into ten different tiers. As reported earlier today, the trading platform said it has $1,07 billion worth of XRP in its reserve.

Uphold’s PoR publication comes when the financial industry sees the need for complete transparency in reserve proofs following the collapse of FTX and Silicon Valley Bank.

Although major traditional financial institutions have also collapsed recently, people’s focus has been on crypto-related businesses. 

Crypto Platforms Holding SHIB As Reserves

It bears mentioning that Uphold is not the only crypto-related platform that has released its PoR system showing a significant amount of SHIB reserve. 

Last month, Binance’s updated PoR report showed that the exchange holds a whopping 78.5 trillion Shiba Inu tokens. In Crypto.com’s PoR system published in December 2022, the exchange disclosed that its Shiba Inu’s reserve ratio stood at 102%.

In an updated report, the leading Singapore exchange CryptoCom said Shiba Inu accounts for $677,065,343.84 ($677M), representing 18% of its reserve. The 15th largest cryptocurrency surpassed USDC stablecoin to become Crypto.com’s third-largest crypto holding. 

In the same month, TheCryptoBasic reported that popular cryptocurrency exchange KuCoin also holds a significant amount of Shiba Inu tokens in its reserve. The exchange said its reserve has 4,438,701,419,929 (4.43T) SHIB tokens.

Furthermore, cryptocurrency exchanges- Huobi and Bybit – also reported that 1,853,296,059,759 (1.85T) units of SHIB and 366,688,330,690.01 (366.68B) tokens are being held in their respective reserves.

Hong Kong-based crypto exchange CoinEx revealed in December 2022 that its reserve has 1,690,695,495,491.76 (1.6 trillion) Shiba Inu tokens. Earlier this year, India’s largest cryptocurrency exchange WazirX released its PoR, showing a holding of 6.09 trillion SHIB.