{"id":12630,"date":"2024-10-09T13:47:11","date_gmt":"2024-10-09T13:47:11","guid":{"rendered":"https:\/\/mycryptomania.com\/?p=12630"},"modified":"2024-10-09T13:47:11","modified_gmt":"2024-10-09T13:47:11","slug":"heres-how-much-ripple-xrp-and-shiba-inu-shib-binance-currently-holds","status":"publish","type":"post","link":"https:\/\/mycryptomania.com\/?p=12630","title":{"rendered":"Here\u2019s How Much Ripple (XRP) and Shiba Inu (SHIB) Binance Currently Holds"},"content":{"rendered":"

TL;DR<\/strong><\/p>\n

Binance\u2019s latest Proof-of-Reserves report shows full backing of customer assets.
\nThe effort aims\u00a0to increase transparency after FTX\u2019s collapse.<\/p>\n

<\/a><\/span><\/h2>\n

It\u2019s Time for PoR Again<\/h2>\n

Binance recently released its latest Proof-of-Reserves (PoR) report. <\/span>The effort\u2019s main goal is to show that the exchange has enough crypto assets to cope with all customers\u2019 withdrawals<\/span>, with<\/span> reserves available in case of emergency.<\/span><\/p>\n

\u201cWhen we say Proof of Reserves, we <\/span>are specifically referring<\/span> to those assets that we hold in custody for users. <\/span>This<\/span> means that we are showing evidence and proof that Binance has funds that cover all of our <\/span>users<\/span> assets 1:1<\/span>, as well as<\/span> some reserves,\u201d the report reads.<\/span><\/p>\n

The latest data <\/span>reveals<\/span><\/a> that the company holds over 61.2 trillion Shiba Inu (SHIB) tokens, resulting in a 102.63% ratio. <\/span>Calculated at current rates<\/span>, the stash equals more than $1 billion. It is worth noting that the figure represents a slight decrease compared to the 61.45 trillion tokens reported in September.<\/span><\/p>\n

Binance\u2019s Ripple (XRP) holdings are just as impressive. <\/span>As of <\/span>the moment<\/span>, the company has more than 2.9 billion tokens (equivalent to $1.56 billion)<\/span>. This means<\/span> a nearly 6% increase from the figure observed last month.<\/span>\u00a0<\/span><\/p>\n

The exchange\u2019s PoR report includes 29 <\/span>different<\/span> cryptocurrencies, with Bitcoin and Ethereum being part of the club. Binance owns a staggering 636,229 BTC, worth over $40 billion and 4.4 million ETH ($10.9 billion).<\/span><\/p>\n

The Birth of the Effort<\/span><\/h2>\n

Binance adopted the PoR practice in November 2022, shortly after <\/span>the FTX meltdown<\/span><\/a>, which undermined the legitimacy of the entire cryptocurrency industry. Such regular reports aim to build trust and transparency among users by verifying that the firm holds sufficient assets to cover customer deposits.\u00a0<\/span><\/p>\n

Recall that the once-prominent FTX collapsed nearly two years ago due to a severe liquidity crisis and allegations of mismanagement. It <\/span>was accused<\/span> of misusing clients\u2019 funds to support its sister trading firm, Alameda Research.<\/span><\/p>\n

This<\/span> was followed<\/span> by a massive withdrawal rush, which FTX couldn\u2019t meet due to a shortfall in assets. In the aftermath, it filed for Chapter 11 bankruptcy protection<\/span>, while<\/span> its former CEO \u2013 Sam Bankman-Fried (SBF) \u2013 was <\/span>sentenced<\/span><\/a> to 25 years in prison after being found guilty on multiple counts of fraud and conspiracy.<\/span><\/p>\n

\u00a0<\/span><\/p>\n

The post Here\u2019s How Much Ripple (XRP) and Shiba Inu (SHIB) Binance Currently Holds<\/a> appeared first on CryptoPotato<\/a>.<\/p>","protected":false},"excerpt":{"rendered":"

TL;DR Binance\u2019s latest Proof-of-Reserves report shows full backing of customer assets. The effort aims\u00a0to increase transparency after FTX\u2019s collapse. It\u2019s Time for PoR Again Binance recently released its latest Proof-of-Reserves (PoR) report. The effort\u2019s main goal is to show that the exchange has enough crypto assets to cope with all customers\u2019 withdrawals, with reserves available […]<\/p>\n","protected":false},"author":0,"featured_media":12631,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[4],"tags":[],"class_list":["post-12630","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-discovery"],"_links":{"self":[{"href":"https:\/\/mycryptomania.com\/index.php?rest_route=\/wp\/v2\/posts\/12630"}],"collection":[{"href":"https:\/\/mycryptomania.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/mycryptomania.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"replies":[{"embeddable":true,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=12630"}],"version-history":[{"count":0,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=\/wp\/v2\/posts\/12630\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=\/wp\/v2\/media\/12631"}],"wp:attachment":[{"href":"https:\/\/mycryptomania.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=12630"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=12630"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=12630"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}