Another major cryptocurrency exchange has confirmed that it holds a large amount of meme coins on its balance sheet. A similar trend was valid for CoinDCX.
CoinEx confirms $14.3 million worth of meme coin reserves
According to the recently publicized Proof of Reserves (PoR) audit by CoinEx, Shiba Inu reserves are fully collateralized at 100.05%. The Hong Kong-based crypto exchange holds 1.6 trillion SHIB worth $14.3 million in reserves. This move by the exchange came to clear up the distrust that arose in the wake of the FTX bankruptcy. CoinEx shared its reserves with the crypto community on its Twitter account today.
The exchange also announced that it launched Proof of Reserve on December 15, supporting BTC, ETH, CET, USDT, USDC and SHIB for the first batch of proof. According to PoR, the exchange holds SHIB 1.691 trillion in on-chain balance and 1.690 trillion in platform balance. However, the collateralized reserve ratio for SHIB was 100.05%. However, the data shows that USDC is the largest reserve with an overcollateralized rate of 414.96%.
Proof-of-reserve trend reveals exchanges’ SHIB balances
Despite having the status of a meme coin, the popularity of SHIB among exchanges was interesting. This reveals the individual investor demand for Shiba. Major exchanges, including KuCoin, Huobi, and Bybit, released their reserves earlier this month. According to the report, Huobi and Bybit hold 1.85 trillion and 366 billion SHIB tokens, respectively. KuCoin, on the other hand, has 4.43 trillion SHIB reserves. cryptocoin.com We have included the details in this article.
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