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Binance held 67.67 trillion Shiba Inu tokens (SHIBs) as of March 2024. The amount of Shiba Inu (SHIB) tokens is greater than the users’ deposit by 3.59 %, indicating a 103.60% collateralization rate.
Binance’s customers, as well as Binance itself, have seen a decrease in their net balances despite a small drop in January 2024.
The platform also holds more than 3.13 billion Dogecoins (DOGE) and 14.77 billion XRP.
The Proof of Reserves system
Binance and some other exchanges implemented a Proof-of-Reserve system (PoR), after the failure of FTX. What is the PoR system, exactly? PoR aims at proving that exchanges actually hold the assets of their customers. Binance included SHIB in its PoR system on February 20, 2023. The exchange now accepts 31 different cryptos.
PoR highlights differences between holdings of Bitcoin (BTC), Ethereum(ETH), and Solana(SOL). Binance has net balances of 568 788 BTC for Bitcoin (BTC), 4.44 Million ETH and 30.89 Million SOL.
Bitcoins and Ethereum: What you should know
Binance released their new cryptocurrency. PoR ReportThe exchange discloses its holdings in Bitcoin and Ethereum. Exchange’s BTC/ETH collateralization ratio was respectively 104.46% and 103.58 %. Binance users hold large quantities of these assets, while it keeps slightly higher balances.
Additionally, the value of XRP increased by about 1.6% in comparison to February. DOGE’s appreciation was less than 0.4%. SHIB’s holdings are the only ones that have not changed. Binance’s goal is to maintain market confidence by maintaining liquidity higher than the holdings of its users.
Binance will implement a new KYC policy by the 20th of April, which could also impact its crypto holdings. Users who don’t meet KYC requirements won’t be able access their subaccounts after this policy has been implemented.
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Qadir AK
Qadir Ak founded Coinpedia. Since 2010, he has covered the cryptocurrency and blockchain space. He is a technology writer with over 10 years of experience. He also conducted interviews with a number of prominent cryptocurrency experts.