Leading cryptocurrency exchange Binance recently updated its proof-of-reserve (PoR) report. According to the update, the exchange holds 79 trillion Shiba Inu (SHIB) and more than 2.69 billion XRP assets in its Proof of Reserve (PoR) system.
Binance also claimed that the exchange is holding user funds in a 1:1 ratio. Crypto researcher Wu Blockchain drew attention to the development and made the following statement:
“Binance released its eighth asset reserve system (snapshot date July 1), user BTC asset fund decreased by 3.6% compared to the previous (6-1), 22,000 BTC decreased; the user’s ETH wealth fund is down 4.4%, down 192,000 ETH; user BNB asset accumulation increased by 6.6%, up 1.83 million BNB.”
Binance’s SHIB Assets
Data from Proof of Reserves shows customers’ Shiba Inu balances on Binance exchange total 77 trillion SHIB, worth $581.8 million at current rates. However, Binance currently holds 79.15 trillion Shiba Inu tokens worth $597.5 million in its reserves. At this rate, the exchange holds 102.71% of the SHIB balances held by customers. This over-collateralized rate aims to increase the security of user funds.
Interestingly, clients’ SHIB balances have increased on Binance over the past three months despite the exchange’s legal issues.
Binance’s XRP Assets
In addition to Shiba Inu assets, the latest PoR announcement also highlights the large amount of XRP held by Binance. Specifically, the exchange currently holds 2.69 billion XRP worth $1.29 billion. Binance’s net XRP balance represents 103.92 percent of total client assets on the platform. User funds currently stand at 2.59 billion XRP. Investors continue to hold XRP despite legal pressure from the US SEC lawsuit.
However, unlike SHIB, Binance’s XRP balance has decreased over the past three months, while clients’ balances have increased over this time frame. In March, Binance had 2.7 billion XRP, while customers held 2.58 billion XRP.
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Source : the crypto basic