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Binance Reports Strong Liquidity for XRP and SHIB Tokens in Proof-of-Reserve (PoR) Update
The collapse of FTX Derivatives Exchange in November last year had a significant impact on various crypto trading platforms, including #Binance, the largest platform in terms of daily trading volume.
In response to this event, Binance took the lead by introducing the Proof-of-Reserve (PoR) initiative. This initiative aims to provide transparency to users and the public regarding the liquidity of tokens held on the Binance platform.
Binance, in a recent update to its Proof-of-Reserve (PoR) initiative, has shared the latest token balance updates for popular tokens such as XRP and #ShibaINU (SHIB).
Binance PoR Update: Digital Currency Highlights
Binance has recently released the 8th updated Proof-of-Reserve (PoR) report, continuing its transparency efforts that began after the collapse of FTX. These regular publications aim to provide users with increased visibility into Binance’s operations and token reserves.
According to the recent disclosure, Binance reported a total customer balance of 2,594,820,681.419 XRP, while their net balance for XRP stood at 2,696,455,113.87 units. The XRP balance ratio of 103.92% indicates that the trading platform possesses sufficient liquidity to meet customer obligations. In simpler terms, Binance holds more XRP than what customers have deposited, ensuring readiness to fulfill any obligations.
Binance’s SHIB Balance: Reassuring Ratio in Proof-of-Reserve Update
In the recent Proof-of-Reserve (PoR) update, Binance disclosed its SHIB (Shiba Inu) balance. The exchange’s balance of SHIB was reported as 79,148,840,350,012.94, which significantly exceeds the customer balance of 77,062,679,485,107.72, resulting in a SHIB ratio of 102.71%.
The consistent publication of PoR reports by Binance aims to demonstrate to investors that their funds can be fully redeemed at any given time. The concern over exchanges commingling customer funds, as witnessed with FTX, has led to an increased preference for self-custody solutions. Binance’s commitment to transparency and initiatives like PoR serve to rebuild trust in exchanges and reassure investors of the security of their funds.
Binance’s Strong Bitcoin and Ethereum Position
In addition to the significant differences in XRP and SHIB balances compared to its customers, Binance also holds a solid position in Bitcoin (BTC) and Ethereum (ETH), two of the most prominent cryptocurrencies. Among the vast array of digital currencies, Binance maintains a robust standing in BTC and #ETH.
According to the latest update, Binance reports a customer Bitcoin balance of 592,457.382, while the exchange’s balance stands at 617,960.43. These figures demonstrate the robust liquidity of Binance in the largest digital currency, Bitcoin.
Important: Please note that this article is only meant to provide information and should not be taken as legal, tax, investment, financial, or any other type of advice.