Binance Reveals Whopping Amount of XRP It Holds For Customers

Binance, the world’s leading exchange, recently published its fifteenth customary report, disclosing the amount of customers’ crypto assets in its possession.

The number one trading platform took it upon itself to begin the release of its monthly proof-of-reserve (POR) reports in late 2022 after the collapse of the crypto exchange FTX.

Notedly, before the implosion, FTX was Binance’s main competitor. The world’s largest exchange seems to be doing everything possible to forestall a similar occurrence. Hence, the monthly report routine to publicize crypto assets in its custody.

Going through the newly released POR report, cryptocurrencies like Bitcoin (BTC), Ethereum (ETH), USDT, XRP, Solana (SOL), etc, were highlighted.

Binance’s XRP Holdings

Per the POR report, Binance holds 2,761,728,028 (2.76 billion) XRP for customers. This huge amount of XRP is worth about $1.41 billion based on its current price.

Binance’s XRP net balance is 2,793,201,538 (2.79 billion) tokens, reflecting deposited tokens to a net balance ratio of 101.14%.

Like Bitcoin, XRP also witnessed an increase in the number of tokens under its possession. An extra 18,200 tokens, representing a meager 0.7% increase.

Binance’s Bitcoin (BTC) Holdings

According to the published report, the exchange holds 594,689 BTC for its customers. This whopping XRP is worth about $27.6 billion based on current prices.

In net balance, Binance boasts roughly 609,477 BTC, while the ratio of deposited tokens to net balance stands at 102.49%.

The amount of customers’ BTC in Binance’s possession increased by about 3.3% after adding 18,837 tokens to the 575,852 coins recorded in January.

Binance’s Solana (SOL) Holdings

Solana (SOL), the fifth largest cryptocurrency, was also represented in Binance’s new report with 29,139,907 (29.1 million) SOL held for customers.

The Solana holdings above amounted to roughly $3 billion at $102.91 per token. The coin’s net balance on the exchange was 29,769,668 (29.8 million) SOL.

Binance’s Ethereum (ETH) Holdings

The POR report says the number of customers’ Ethereum (ETH) on Binance is 4,163,085 (4.16 million) coins, while the net balance was pegged at 4,353,718 (4.35 million) ETH tokens.

The above data imply that the ratio of Ethereum (ETH) deposited by users to the net balance is 104.58%.

Moreover, Binance says it has no debt in its capital structure and has mapped out an emergency fund known as SAFU fund to cater for unexpected expenditures. The trading platform also added that the figures on coin holdings do not include its corporate holdings.

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Chinedu Agbakwusi

Chinedu Agbakwusi is a medical student at the prestigious Nnamdi Azikiwe University with sound knowledge of the crypto space. I am here to be a reliable plug for well-researched crypto content ranging from crypto news to market analyses and blockchain inventions.