NewsletterBinance’s XRP, SHIB Balances Hit Impressive Highs
The implosion of the FTX Derivatives Exchange back in November last year opened a lot of crypto trading platforms to new realities including Binance, the biggest of all as measured by daily volume. The collapse saw Binance pioneer the Proof-of-Reserve (PoR) initiative to show users and members of the public how liquid its operations are per the tokens hosted on its platform.
In a recent update to the PoR, Binance has published the latest update to some of its top token balances, including XRP and Shiba Inu (SHIB).
The Binance Digital Currency PoR Highlight
The updated PoR is the 8th the firm will be publishing since it started the transparency move following the fall of FTX.
As it revealed, the total XRP customer balance was 2,594,820,681.419, with the Binance net balance pegged at 2,696,455,113.87 units respectively. Effectively, the XRP balance shows a ratio of 103.92%, an indication that the trading platform is liquid enough to fulfill any form of customer obligation.
The same goes for Shiba Inu (SHIB) as the exchange’s balance of the memecoin pegged at 79,148,840,350,012.94 far surpasses the customer balance of 77,062,679,485,107.72, a figure that shows a 102.71% SHIB ratio.
The idea behind publishing PoR which Binance has been consistent with is to prove to investors that come what may, investor’s funds can be fully redeemed at any point in time. The fear of exchanges commingling customer funds the way FTX did has sparked a growing embrace of self-custody and moves such as this from Binance can help reset the trust on exchanges.
Binance Bitcoin Position Remains Solid
While Binance has a huge difference between its XRP and SHIB balances relative to those of its customers, the trading platform also has a very solid position in Bitcoin (BTC) and Ethereum (ETH) amongst the majority of digital currencies.
Per the new update shared, the exchange’s customer Bitcoin balance is pegged at 592,457.382 while the exchange’s balance is pegged at 617,960.43, proof of robust liquidity for the biggest digital currency
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