Here’s How Much Ripple (XRP) and Shiba Inu (SHIB) Binance Currently Holds

TL;DR

• Binance’s latest Proof-of-Reserves (PoR) report shows it holds trillions of Shiba Inu (SHIB) tokens and billions of Ripple (XRP) coins.
• The PoR system, introduced in November 2022, confirms the exchange’s coverage of all user assets 1:1 and now includes 31 cryptocurrencies, with recent additions like Dogecoin (DOGE) and The Graph (GRT).

The SHIB and XRP Holdings

The world’s largest cryptocurrency exchange – Binance – is among the many releasing Proof-of-Reserves (PoR) reports to display evidence that it covers all users’ assets 1:1. In other words, it shows that the firm has enough crypto assets to cope with all customers’ withdrawals, with reserves available in case of emergency.

“When a user deposits one Bitcoin, Binance’s reserves increase by at least one Bitcoin to ensure client funds are fully backed. What this means in actual terms is that Binance holds all user assets 1:1 (as well as some reserves), we have zero debt in our capital structure, and we have made sure that we have an emergency fund (SAFU fund) for extreme cases,” the company asserted.

It adopted the practice in November 2022, shortly after the FTX meltdown, which sent shockwaves throughout the entire crypto industry.

The latest PoR report shows that the company owns a whopping 62.8 trillion Shiba Inu (SHIB) tokens, resulting in a 102.57% ratio. This represents a slight decrease compared to the 62.95 trillion coins held at the time of the previous announcement at the start of July. 

The company’s Ripple (XRP) holdings are also substantial. It currently has around 2.95 billion tokens, a 2.8% increase compared to July’s figures. Calculated at current rates, the stash equals over $1.5 billion. 

What About the BTC and ETH Balances?

Bitcoin’s balances have a ratio of 106.56% and stand at more than 645,000 BTC (approximately $36.8 billion), while Ethereum’s holdings are 4.85 million (around $12.2 billion).

The PoR system discloses Binance’s user funds reserves in 31 different digital assets, a significant increase from the 9 cryptocurrencies initially supported in 2022. Some of those added in the past year are Dogecoin (DOGE), The Graph (GRT), Enjin Coin (ENJ), Chromia (CHR), Hashflow (HFT), and more.

It is worth noting that Binance’s Proof-of-Reserves report does not include corporate holdings, which are kept on a separate ledger. 

The post Here’s How Much Ripple (XRP) and Shiba Inu (SHIB) Binance Currently Holds appeared first on CryptoPotato.