- Binance’s latest Proof-of-Reserve (PoR) report verifies that it maintains a 1:1 coverage for all users’ assets with significant holdings in SHIB, BTC, and XRP.
- Binance currently owns 67.67 trillion Shiba Inu (SHIB) tokens worth almost $2 billion, 594,134 BTC worth approximately $40 billion, and over 3 billion XRP tokens worth $1.9 billion.
- The PoR system aims to enhance transparency and trust by confirming the existence and proper accounting of users’ funds following the FTX crash in late 2022.
Binance has substantial holdings of popular cryptocurrencies SHIB and XRP, according to its latest Proof-of-Reserve report. Let’s take a look at the exact figures.
TLDR
The latest Proof-of-Reserve (PoR) report from Binance verifies that it maintains a 1:1 coverage for all user assets, with significant holdings in SHIB, BTC, and XRP. The PoR system, introduced after the FTX crash, aims to enhance transparency and trust by confirming the existence and proper accounting of user funds.
Binance’s Latest Proof-of-Reserve Report
The world’s largest cryptocurrency exchange released its latest Proof-of-Reserve (PoR) report displaying evidence that it covers all user assets 1:1.
Data shows that Binance currently owns a whopping 6.767 trillion Shiba Inu (SHIB) tokens. Calculated by ongoing rates, the stash equals almost $2 billion.
The company’s Bitcoin net balances stand at 594,134 BTC, worth approximately $40 billion, while its Ripple (XRP) holdings exceed 3 billion tokens ($19 billion).
Why Proof-of-Reserve Matters
Binance, similar to many other cryptocurrency exchanges such as OKX, Kraken, and Crypto.com, introduced a PoR system following the crash of FTX in late 2022. The move aims to rebuild trust within the community, enhance transparency, and prove that funds held on behalf of users actually exist and are properly accounted for.
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,” Binance’s announcement reads.
Initially, the company’s Proof-of-Reserve verification was focused on Bitcoin (BTC) and a few other cryptocurrencies. Later it was upgraded with the addition of Shiba Inu (SHIB) and many more altcoins. The latest report included 31 tokens.
Conclusion
Binance’s substantial holdings of popular cryptocurrencies like SHIB and XRP, as revealed in its latest PoR report, showcase the exchange’s commitment to transparency and restoring trust after the FTX fallout. The figures also highlight the immense scale of crypto assets held by leading exchanges on behalf of their users.
