#Binance Holds Over 67 Trillion #Shiba Inu Tokens
Binance, the world's biggest cryptocurrency exchange, issued its latest Proof of Reserve (PoR) report, showing billions of Shiba Inu tokens owned by customers.
Binance released its 17th proof of reserve report on April 1. All digital asset net balances were above 100% of client net balance, according to the exchange.
Shiba Inu native token SHIB has a ratio of 103.60%, demonstrating the exchange's 1:1 collateralization of users' funds.
The report states that Binance's customer net balance has 65,321,321,452,095.36 (65.3 trillion) SHIB tokens and its net balance contains 67,670,462,296,521 (67.6 trillion).
The current price of Shiba Inu is $0.0000276, down 5.83%, putting users' deposits at almost $1.8 billion. Binance's SHIB reserves exceed $1.86 billion.
Binance's newest SHIB token reserve has decreased from February's, indicating investors may have liquidated a tiny percentage of their holdings. The doggy-themed meme currency Shiba Inu gained popularity in February and March 2024, attracting many investors. Demand drove double-digit growth for the cryptocurrency, making it one of the most searched crypto assets on Google.
Reserve Proof Shows 100% Backed Assets
Binance releases its proof of research report often to keep people informed. The exchange says their proof of reserves includes all user assets.
Binance also claims that its digital assets are 100% backed, protecting customer monies.
The exchange supplied 1:1 money to cover all users' assets and reserves. This implies that the exchange's net balance constantly exceeds its customers'. Each Bitcoin or 1,000 Shiba Inu token deposit increases Binance's reserves by at least one BTC or 1,000 SHIB.
Binance also reserves SAFU money for emergencies. This manages exchange liquidity and reduces market volatility losses.
The exchange also claimed that it has no debt in its capital structure and uses Merkle Tree to enable customers to check their assets to ensure they are 100% backed and kept in a 1:1 ratio.
