#Binance , the globally leading #cryptocurrency exchange, has recently published its 11th report detailing its reserve holdings, which continue to exhibit remarkable figures. Based on the data, there has been an observed growth in Binance's XRP holdings over the course of the previous month. This phenomenon is apparent, since there have been documented instances of investors transferring XRP tokens to cryptocurrency exchanges within the previous month.
Binance has just disclosed their Proof of Reserves, revealing a substantial accumulation of $XRP holdings.
Based on the Proof of Reserves report released by Binance, it is evident that the exchange possesses a significant quantity of XRP, which is intended to provide coverage for 104.15% of the total balances held by its customers.
Binance presently holds a total of 2.738 billion XRP tokens, which possess a market value over $1.35 billion. These assets are held in custody against client deposits amounting to 2.629 billion #XRP tokens. There has been an increase of around 50 million XRP in the reserve, in comparison to the previous month's total of 2,686,407,725 XRP.
Binance, being among the initial prominent platforms to include XRP in its listings throughout 2017, has established itself as a significant hub for trading XRP. According to the data provided by Coingecko, the trading volume of Binance's XRP/USDT trading pair in the preceding 24-hour period amounted to $84 million. This figure accounts for about 16.9% of the whole trading volume of XRP. The substantial accumulation of XRP by Binance solidifies its position as a prominent holder of XRP and underscores the significant volume of XRP being traded on the exchange.
According to the most recent reserve report, Binance possesses complete backing in several other cryptocurrencies. According to the study, the exchange exhibits a BTC ratio of 104.67%, an ETH ratio of 107.29%, a BNB ratio of 113.72%, a USDT ratio of 118.45%, a BUSD ratio of 106.99%, a USDC ratio of 104.09%, and an LTC ratio of 101.31%.
The Proof of Reserves report is an integral component of Binance's endeavour to enhance transparency. The primary objective of reporting its reserves is to provide reassurance to consumers regarding the full backing of client money in a one-to-one ratio. While several individuals have supported the alignment of reserve data with on-chain data, regulatory authorities have raised apprehensions over the credibility of Binance's reserve audit.
