Binance Releases Proof-of-Reserve Report: Holds Over 67 Trillion Shiba Inu (SHIB)
Binance Reveals Holding of Over 67 Trillion Shiba Inu (SHIB) in Latest Proof-of-Reserve Report
In a move towards greater transparency, Binance, the world’s leading cryptocurrency exchange, has released its latest Proof-of-Reserve (PoR) report, showcasing its significant holdings of various digital assets, including Shiba Inu (SHIB). The report, published in April 2024, provides insight into Binance’s SHIB reserves as of April 1, 2024, at 00:00 UTC.
Key Highlights:
The PoR report reveals that Binance currently holds an impressive 67.67 trillion SHIB tokens, valued at approximately $1.96 billion based on the SHIB trading price at the time of the audit ($0.00002894).
Interestingly, Binance’s SHIB reserves exceed the total balance held by its users, with a collateralization ratio of 103.60%. This means that for every 1 SHIB token deposited by a user, Binance holds slightly more than 1 SHIB token in reserve.
The implementation of the PoR system by Binance and other major exchanges aims to enhance transparency and rebuild trust within the cryptocurrency community, following the collapse of FTX in late 2023.
Binance’s PoR system covers a total of 31 cryptocurrencies, including Shiba Inu, which was incorporated into the system in February 2023 due to its growing popularity on the platform.
Aside from SHIB, the latest PoR report also reveals Binance’s reserves for Bitcoin (BTC) and Ethereum (ETH), with collateralization ratios exceeding 100% for both cryptocurrencies.
It’s important to note that Binance is set to implement a new mandatory know-your-customer (KYC) policy by April 20, 2024, which may impact the exchange’s cryptocurrency holdings and user access to sub-accounts.
The release of the PoR report by Binance underscores the exchange’s commitment to transparency and security in the ever-evolving cryptocurrency market, ultimately aiming to build trust and confidence among investors.
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