TL;DR
- Binance’s latest Proof-of-Reserve (PoR) report verifies that it maintains a 1:1 coverage for all users’ assets, with significant holdings in SHIB, BTC, and XRP.
The PoR system, introduced post-FTX crash, aims to enhance transparency and trust by confirming the existence and proper accounting of users’ funds.
In simpler terms, the biggest cryptocurrency exchange globally published its most recent Proof-of-Reserve report, showcasing proof that each user’s assets are fully covered.
Data shows that Binance currently owns a whopping 67.67 trillion Shiba Inu (SHIB) tokens. Calculated by ongoing rates, the stash equals almost $2 billion.
The company’s Bitcoin net balances stand at 594,134 BTC (worth approximately $40 billion), while its Ripple (XRP) holdings exceed 3 billion tokens ($1.9 billion).
Binance, similar to many other cryptocurrency exchanges such as OKX, Kraken, and Crypto.com, introduced a PoR system following the crash of FTX in late 2022. The move aims to rebuild trust within the community, enhance transparency, and prove that funds held on behalf of users actually exist and are properly accounted for.
In simpler terms, Binance’s announcement states that each user’s assets are kept equivalent to one unit by Binance, with some extra reserves. The company has no outstanding debt, and they have established a safety fund (SAFU) for unexpected situations.
At first, the company’s Proof-of-Reserve verification primarily covered Bitcoin (BTC) and a few other well-known cryptocurrencies. Then, it was enhanced to include Shiba Inu (SHIB) and numerous other altcoins. The most recent report featured a total of 31 different tokens.
Read More
- Uncovering the Mystery of Red King Players in Clash Royale – What Reddit Users Have to Say
- UFO PREDICTION. UFO cryptocurrency
- The Last Epoch Dilemma: Confronting the Gold Dupe Crisis
- Finding Resources in Palworld: Tips from the Community
- BONE PREDICTION. BONE cryptocurrency
- Skull and Bones: Navigating the Quest for Extra Teeth in the Game
- Discovering the Infinite Power: The Abiotic Factor that Could Change Everything
- AAVE PREDICTION. AAVE cryptocurrency
- The 10 Best Movies of 2024 (So Far)
- Gaming News: Like a Dragon: Infinite Wealth’s Dondoko Island Takes Expansion to New Heights
2024-04-10 18:12