Binance has updated its Proof of Reserves, and the latest data suggests the exchange now holds 79 trillion Shiba Inu and over 2.69 billion XRP tokens.
Despite the tumultuous market conditions and the mounting regulatory challenges, Binance has remained the go-to centralized exchange for investors. Its updated Proof of Reserves (PoR) substantiates this, showing holdings of 79 trillion Shiba Inu (SHIB) and over 2.69 billion XRP.
Binance recently released the updated PoR, suggesting that the exchange holds user deposits at 1:1. Much like previous reserve disclosures, the update shows that all customer holdings in different assets are held at overcollateralized ratios.
Wu Blocakciahn further highlighted the development. According to the renowned media.”
“Binance released the eighth asset reserve certificate (snapshot date 7-1), the user’s BTC asset deposit decreased by 3.6% compared with the previous (6-1), a decrease of 22,000 BTC; the user’s ETH asset deposit decreased by 4.4%, a decrease of 192,000 ETH; user BNB asset accumulation increased by 6.6%, an increase of 1.83 million BNB; user USDT asset accumulation decreased by 9.45%, an increase of 1.61 billion USDT.”
Binance Shiba Inu Holdings
Data from the Proof of Reserves indicates that customers’ Shiba Inu balances on the Binance exchange total a massive 77 trillion SHIB tokens valued at $581.8 million against prevailing rates.
However, in its reserves, Binance holds 79.15 trillion Shiba Inu tokens, currently worth $597.5 million. At this rate, the exchange holds 102.71% of the SHIB balances held by customers. This overcollateralized ratio aims to bolster the security of user funds.
Interestingly, customers’ SHIB balances have increased on Binance over the last three months despite the exchange’s regulatory issues and the prevalent FUD.Â
As The Crypto Basic disclosed in March, customers on Binance held 76.7 trillion SHIB three months ago. Consequently, Binance’s holdings stood at 78.5 trillion SHIB. The latest data suggest that these balances have increased.
Binance’s XRP Holdings
In addition to the Shiba Inu holdings, the latest PoR disclosure shows a massive amount of XRP held by Binance. Notably, the exchange holds a whopping 2.69 billion XRP currently valued at $1.29 billion.
Binance’s net XRP balance represents 103.92% of total customer holdings on the platform. User deposits currently stand at 2.59 billion XRP. Investors have continued to hold XRP despite the legal pressure from the U.S. SEC lawsuit.
Nonetheless, unlike SHIB, Binance’s XRP balance has depleted over the last three months, while customers’ balances have increased within this timeframe. In March, Binance held 2.7 billion XRP, with customers holding 2.58 billion XRP.
Disclaimer: This content is informational and should not be considered financial advice. The views expressed in this article may include the author's personal opinions and do not reflect The Crypto Basic’s opinion. Readers are encouraged to do thorough research before making any investment decisions. The Crypto Basic is not responsible for any financial losses.
-Advertisement-
