9 months ago
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Binance, one of the world’s largest cryptocurrency exchanges, has officially released its Proof Of Reserves (PoR), showcasing significant holdings in popular digital assets such as Dogecoin (DOGE), Shiba Inu (SHIB), and XRP.
Binance’s DOGE And SHIB Holdings Top 100%
On Thursday, February 1, 2024, Binance published its Proof of Reserve audit, revealing the exclusive net balances of both customers and the exchange’s digital asset holdings. The showcased assets included leading cryptocurrencies such as Bitcoin (BTC) and Ethereum (ETH).
Bitcoin’s ratio stood at 102.49%, with the exchange holding a total of 609,477.128 BTC in its treasury and a customer net balance of 594,688.859 BTC, currently worth over $27.4 billion. Meanwhile, Ethereum’s ratio was 104.58%, with Binance holding approximately 4,353,718.384 ETH in net balance and a total customer net balance of 4,163,085.942 ETH, valued at more than $10.1 billion.
Popular meme coins like DOGE and SHIB also took a significant position in Binance’s digital asset portfolio. Dogecoin exhibited a ratio of 100.65%, boasting a treasury of about 12,202,610,586.421 DOGE and a customer net balance of 12,124,403,806.92 DOGE, valued at over $977 million.
In contrast, Shiba Inu maintained a ratio of 103.64%, with a Binance net balance of 69,431,545,051,732.125 SHIB, and a total customer net balance of 66,995,801,414,557.41 SHIB, surpassing a valuation of more than $626 million.
Binance’s considerable holdings in DOGE and SHIB underscore the widespread global appeal of these meme coins, offering insights into the cryptocurrencies experiencing increased demand among investors in the industry. Alongside these popular doggy-themed cryptocurrencies, major assets such as XRP and Solana (SOL), as well as stablecoins like USDT and USDC, also hold a significant share in Binance’s diverse portfolio.
XRP and SOL maintain ratios of 101.14% and 102.16%, respectively. The total customer net balance for both cryptocurrencies stands at 2,761,728,028.243, valued at over $1.4 billion for XRP, and 29,139,907.185, worth over $3 billion for SOL.
Binance Upholds Transparency Standards
Binance’s Proof of Reserve audit provides a detailed account of the digital assets held in custody for customers. The crypto exchange has stated that the reserve specifically excludes Binance’s corporate holdings, which are recorded on a separate ledger.
The release of the audit not only underscores Binance’s dedication to transparency but also serves as evidence of the exchange’s substantial presence in the global cryptocurrency market. Binance has also taken its transparency and security values a step further by utilizing an advanced cryptographic tool, the Merkle Tree. This tool enables users to verify their asset holdings on the exchange through their Merkle hash or record IDs.
Featured image from CryptoPotato, chart from Tradingview.com
