Binance Currently Has 78,546,133,520,601 Shiba Inu Worth $863,000,000 on Behalf of Crypto Investors
The world’s biggest cryptocurrency exchange is extending its proof-of-reserves method, disclosing its staggering Shiba Inu reserves (SHIB).
In a recent blog post, Binance claims to store crypto assets worth more than $63 billion on behalf of its users.
On March 1st, the cryptocurrency exchange reported holding over $843,3 million worth of SHIB in net client balance or using cash.
Meanwhile, the cryptocurrency exchange has an on-chain balance of 78,546,133,520,601 SHIB valued at around $863.2 million, showing that Binance has more than enough Shiba Inu in its wallets to handle any client withdrawals.
With the high-profile collapse of FTX, crypto exchanges have rushed to provide proof-of-reserves reports. Late in 2022, FTX restricted client withdrawals in response to a bank run, ultimately forcing the platform to declare bankruptcy.
In an attempt to give transparency to user funds, Binance published its first proof-of-reserve report in November.
The crypto giant said earlier this year that it is the company’s top priority to recover the confidence of customers and authorities in the wake of events that rocked the whole sector.
Binance promised its customers that their monies are safeguarded 1:1 and “never utilized for illegitimate reasons.”
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