Binance’s Updated PoR: 79T Shiba Inu and 2.69B XRP Proof of Reserves

Binance’s Updated PoR: 79 Trillion SHIB and 2.69 Billion XRP Proof of Reserves

Despite the challenging market environment and increasing regulatory obstacles, Binance has maintained its position as the preferred centralized exchange for investors. The updated Proof of Reserves (PoR) from Binance provides evidence of this, revealing holdings of 79 trillion Shiba Inu (SHIB) and over 2.69 billion XRP.

The recent release of the updated PoR by Binance indicates that the exchange holds user deposits at a 1:1 ratio. Similar to previous reserve disclosures, the update demonstrates that customer holdings in various assets are held at ratios that exceed the required collateral.

Wu Blockchain, a well-known media outlet, highlighted the following developments:

“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.”

Related article: Engagement on Puppynet Reaches New Milestone; What Does This Mean for Shiba Inu?

Binance Holds $581.8M of SHIB

According to the Proof of Reserves data, the total Shiba Inu customers’ balances on the Binance exchange amount to a substantial 77 trillion SHIB tokens, valued at approximately $581.8 million based on current rates.

Furthermore, Binance holds a larger reserve of 79.15 trillion Shiba Inu tokens, valued at $597.5 million. This means that the exchange holds 102.71% of the SHIB balances held by customers, indicating an overcollateralized ratio. This strategic measure aims to enhance the security of user funds.

Surprisingly, customers’ SHIB balances on Binance have experienced growth over the past three months, despite the exchange facing regulatory challenges and the prevalence of fear, uncertainty, and doubt (FUD) in the market.

According to a report in March, customers held 76.7 trillion SHIB tokens on Binance at that time. Consequently, Binance’s own holdings amounted to 78.5 trillion SHIB. The latest data indicates that these balances have shown an increase since then.

Binance Holds 2.69B XRP

Apart from the significant Shiba Inu holdings, the recent Proof of Reserves (PoR) disclosure reveals that Binance holds a substantial amount of XRP. Specifically, the exchange currently possesses an impressive 2.69 billion XRP, valued at approximately $1.29 billion.

Related also: Could Shiba Inu Deliver Big in the Face of Price Restraint?

Binance’s net XRP balance accounts for 103.92% of the total XRP holdings by customers on the platform, which currently stands at 2.59 billion XRP. Investors have continued to hold XRP despite the legal pressure stemming from the U.S. SEC lawsuit.

However, in contrast to SHIB, Binance’s XRP balance has decreased over the past three months, while customers’ balances have increased during the same period. Binance held 2.7 billion XRP in March, while customers held 2.58 billion XRP.

Disclaimer: The information in this article should not be considered financial advice, and FXCryptoNews articles are intended only to provide educational and general information. Please consult with a financial advisor before making any investment decisions.

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