The world’s biggest crypto exchange is broadening its proof-of-reserves system, detailing its eye-popping holdings of the popular altcoin Shiba Inu (SHIB).
In a brand-new post, Binance states that it holds more than $63 billion worth of crypto properties on behalf of its users.
Since March 1st, the crypto exchange reports that it holds 76,737,751,676,039 SHIB worth more than $843.3 million in consumer net balance or user funds.
On the other hand, the crypto exchange has an on-chain balance of 78,546,133,520,601 SHIB worth over $863.2 million, suggesting that Binance has sufficient Shiba Inu in their wallets to cover any and all consumer withdrawals.
Crypto exchanges have actually been rushing to launch proof-of-reserves of reports after the prominent implosion of FTX.
In late 2022, FTX stopped consumer withdrawals in the middle of a bank run, which required the platform to ultimately apply for personal bankruptcy.
In November, Binance launched its preliminary proof-of-reserve report in an effort to offer openness on user funds.
Previously this year, the crypto giant stated that it is the company’s utmost obligation to gain back the trust of users and regulators following the advancements that sent out shockwaves throughout the whole market in 2015.
Binance guaranteed its users that their properties are protected on a 1:1 basis and are “never ever utilized for unapproved functions.”
Included Image: Shutterstock/santoelia/WindAwake/ Natalia Siiatovskaia