The most significant cryptocurrency trading platform globally, Binance, has published its recent Proof of Reserve (PoR) update. This report showcases the vast amount of Shiba Inu tokens, amounting to trillions, held by users on the exchange.
Binance Holds Over 67 Trillion Shiba Inu Tokens
On Monday, April 1st, Binance released its 17th report verifying their reserves. They disclosed that the total amount of digital assets held in their reserves was more than enough to cover all customer balances.
The Shiba Inu token SHIB had a ratio of around 103.60% on the exchange, demonstrating their strong dedication to protecting users’ funds by keeping collateral at a 1:1 ratio.
According to the report’s disclosure, Binance has approximately 65.3 trillion SHIB tokens in its customer balance, while the exchange itself holds around 67.6 trillion SHIB tokens as a reserve.
At present, Shiba Inu is priced at roughly $0.0000276 with a significant decrease of 5.83%. This means that the value of users’ deposited Shiba Inu exceeds $1.8 billion. On Binance alone, the total Shiba Inu reserves are worth over $1.86 billion.
Instead of its significant holding of SHIB tokens reported in February, Binance’s recent update reveals a slight decrease in the number of SHIB tokens, indicating that some investors might have sold off a portion of their holdings. Between February and March 2024, there was immense excitement and buzz around Shiba Inu, leading many new investors to jump on the bandwagon of this dog-themed meme coin. The surge in demand resulted in impressive double-digit growth for the cryptocurrency, making it a popular search query on Google.
Proof Of Reserve Shows 100% Backed Assets
Binance keeps its users informed by frequently publishing proof of research reports, showing the transparency and responsibility behind their asset management. They’ve disclosed that these proofs include all the user assets they hold in safekeeping.
In addition, Binance reassures customers that their digital assets are completely covered, providing an extra layer of security for clients’ funds. The company employs a distinct approach to safeguard all user assets within its reserve.
The exchange ensures that each user’s assets are fully covered with an equal amount, along with additional reserves. In other words, the exchange’s total assets will always be greater than those of its customers. Moreover, when a user deposits one Bitcoin or 1,000 Shiba Inu tokens, Binance’s reserve funds increase correspondingly by at least the same value.
Binance disclosed that they maintain a reserve fund, referred to as SAFU funds, for unexpected situations. This measure ensures their financial stability during liquidity management and shields against potential losses caused by market fluctuations.
Moreover, the platform revealed that it is free from debt at present, employing the Merkle Tree technique for ensuring transparency. Users can confirm that their assets are fully collateralized and kept in an equal proportion through this feature, enabling them to independently verify their balances.
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2024-04-11 03:11