This report details the quantity of various digital assets held in Binance treasury, along with the reserve ratios concerning customer net balances.

Read Also: Binance Relists XRP in the United States Following Favorable Court’s Decision

Robust Reserves for Every Supported Cryptocurrency

The reserve report affirms that Binance possesses more than enough reserves to cover the deposits made by its customers across all supported cryptocurrencies. The reserve ratio, a metric used to gauge the adequacy of reserves, is calculated by dividing the Binance net balance by the aggregate amount of coins deposited by customers.

When the reserve ratio is 100%, Binance holds exactly the same quantity of coins as its customers. However, if the reserve ratio exceeds 100%, it indicates that Binance possesses more coins than its customers.

Amounts of Bitcoin and Altcoins Disclosed

The reserve report divulges detailed figures regarding the amount of each cryptocurrency held by Binance. Here is a summary of the information disclosed in the report:

1. Bitcoin (BTC): 

•   Reserve Rate: 105.61%
•   Customer Net Balances: 588,622,989
•   Binance Net Balances: 621,631,928

2. Ethereum (ETH):

•  Reserve Rate: 102.71%
•  Customer Net Balances: 4,068,826,253
•  Binance Net Balances: 4,179,054,896

3. Binance Coin (BNB):

•   Reserve Rate: 113.85%
•   Customer Net Balances: 29,282,440,447
•   Binance Net Balances: 33,339,317.22

4. Tether (USDT):

•    Reserve Rate: 117.99%
•    Customer Net Balances: 15.280.149.773,177
•    Binance Net Balances: 18,028,511,181,839

5. XRP:

• Rate: 103.50%
• Customer Net Balances: 2,711,777,813,604
• Binance Net Balances: 2,806,681,733,985

The list continues to disclose the figures for other supported cryptocurrencies such as BUSD, USDC, LTC, and many more.

We are on twitter, follow us to connect with us :- @TimesTabloid1

— TimesTabloid (@TimesTabloid1) July 15, 2023

Read Also: Binance CEO Clarifies Recent Employee Departures, Tags Dreamed Up News as Mere FUD

Reassurance for Users and Not Investment Advice

Binance’s transparent release of the August 2023 reserve report aims to provide users with confidence in the security and legitimacy of the platform. It underscores Binance’s commitment to transparency and highlights its dedication to maintaining robust reserves to safeguard customer funds.

Binance’s release of this comprehensive reserve report strengthens its position as a leading player in the cryptocurrency industry, fostering trust and reinforcing its commitment to maintaining the highest standards of security and integrity for its user base.

Follow us on Twitter, Facebook, Telegram, and Google News

The post Binance Releases Latest Proof of Reserve Report for Bitcoin, Ethereum, XRP and 27 Altcoins appeared first on Times Tabloid.

Binance Update Proof of Reserve

Per the updated proof-of-reserve (PoR) published by Binance, the top exchange showed that SHIB tokens in its reserve are more than the total deposited tokens by customers. 

The total deposited amount of Shiba Inu —Customer Net Balance — on Binance is 76,737,751,676,039.80 (~76.7 trillion SHIB), according to the exchange’s updated PoR sheet. 

Meanwhile, the exchange’s on-chain balance for SHIB reads 78,546,133,520,601.40 (~78.5 trillion) tokens. Hence, the SHIB reserve ratio on Binance is 102.36%. 

This justifies the exchange’s claim that user funds are always collateralized at a 1:1 ratio, plus additional reserves. It goes further to imply that users’ funds are safe and can be withdrawn at any time as Binance reveals excess liquidity. 

It bears noting that the exchange updated its proof of reserve system on Tuesday to support 11 new altcoins including MASK, ENJ, WRX, GRT, CHR, CRV, 1INCH, CVP, HFT, SSV, and DOGE.

This takes the total number of assets on the top exchange PoR system to 24. With this hefty addition, Binance’s reserves read over $63 billion in assets. 

Shiba Inu Ecosystem Expanding 

The decentralized meme token ecosystem continues to expand with support from several crypto proponents and trusted entities including Binance. Recall, the exchange added SHIB to its PoR system in early February. 

Notably, the highly-anticipated Shiba Inu layer-2 scaling solution, Shibarium is set for Public Beta, as disclosed by the team. The SHIB network is expected to record better performance and increased scalability. 

This news has seen an increased interest in the token with the short-term sentiment likely being bullish. Shiba Inu is up 5.56% at the time of writing.

Follow us on Twitter, Facebook, Telegram, and Google News

The post Binance Now Holds 78.5 Trillion Shiba Inu (SHIB) on Behalf of Users appeared first on Times Tabloid.

The publication, which recorded nine in-scope crypto assets, held as customer balances on the Singapore-based centralized exchange, showed that XRP has the third-highest Reserve Ratio on Crypto.com. 

Following the collapse of the then second-largest crypto exchange FTX, founded by Sam Bankman-Fried, trust for centralized exchanges lowered drastically. 

As the FTX contagion continued to spread and other exchanges like AAX faded, it became crucial for centralized exchanges to prove that they hold enough assets to cover all of their clients’ balances and that users’ assets are accessible and fully backed. This act is what is termed “Proof of Reserves”, and it is usually conducted by independent auditors. 

According to Kris Marszalek, CEO of Crypto.com, “providing audited Proof of Reserves is an important step for the entire industry to increase transparency and begin the process of restoring trust. Crypto.com is fully committed to providing customers around the world a safe, secure, and compliant means of engaging with digital currencies.”

Read Also: OKX Launches Flexible Staking for XRP, Shiba Inu (SHIB), and Dogecoin (DOGE)

Crypto.com Proof of Reserves

To let customers verify that their crypto assets are fully backed (1:1) on the exchange platform, Crypto.com employed the services of Mazars Group, a leading international audit, tax, and advisory firm to conduct their Proof of Reserves. 

Leveraging advanced cryptographic procedures, Mazars confirmed the availability and backing of customer balances on the Crypto.Com exchange, per the announcement.

As further revealed, the renowned auditing firm having over 44k professionals in more than 90 countries, “compared the assets held in on-chain addresses proven to be controlled by Crypto.com with customer balances through an auditor-overseen live query of a production database as of December 7, 2022, 00:00:00 UTC.” 

Among the major crypto assets whose balances were audited included XRP, Bitcoin (BTC), Ethereum (ETH), Tether (USDT), USD Coin (USDC), Shiba Inu (SHIB), Dogecoin (DOGE), Chainlink (LINK), and Decentraland (MANA).

Read Also: Over 4 Billion XRP Sent Out of Bittrex Exchange by Anon Whales: Details

The results of the exchange’s balance auditing indicated that the Ripple-backed digital token XRP had a reserve ratio of 101%, together with ETH, DOGE, and LINK. Meanwhile, BTC and SHIB had the same reserve ratio of 102%. The report also shows that USDT has the highest reserve ratio on Crypto.com, which is 106%. 

“It is now easy for our existing users to verify that Crypto.com has a 1:1 reserve of all customer crypto assets deposited on its platform, and users can confirm the assets in their account are responsibly backed and accessible, both for the Crypto.com App and Crypto.com Exchange,” part of the announcement read.

Follow us on Twitter, Facebook, Telegram, and Google News

The post Crypto.Com Shares Proof that Shows a High XRP Reserve Ratio: Details appeared first on Times Tabloid.