Binance, one of the world's largest cryptocurrency exchanges, has released its latest Proof-of-Reserve (PoR) report for March 2024. The report provides transparency into the exchange's cryptocurrency holdings, revealing a staggering 67.67 trillion Shiba Inu (SHIB) tokens in its reserves.

Shiba Inu: A Central Holding for Binance

The PoR report, audited on April 1, 2024, at 00:00 (UTC), highlights Binance's substantial holdings across various cryptocurrencies, with Shiba Inu being a central asset in its reserves. The exchange's SHIB reserves exceed the total customer deposits for the same cryptocurrency.

According to the report, Binance's Shiba Inu reserve stands at 67.67 trillion SHIB tokens, which is 3.59% higher than the combined SHIB deposits of all its customers. The net balance of SHIB held by Binance customers is 65.32 trillion tokens, while the exchange's reserves are significantly higher at 67.67 trillion SHIB.

Overcollateralization for Customer Protection

This discrepancy between Binance's SHIB reserves and customer deposits indicates that the exchange has overcollateralized its Shiba Inu holdings. In other words, Binance holds more SHIB tokens than the total amount deposited by its customers, ensuring that all customer deposits are fully backed and protected.

At the current SHIB trading price of $0.00002752, the total value of Shiba Inu deposits on Binance is approximately $1.89 billion, while the exchange's SHIB balance is worth around $1.96 billion. This overcollateralization ratio for SHIB stands at 103.60%, providing an additional layer of security for Binance's customers.

Transparency and Trust in Cryptocurrency Exchanges

Binance's PoR report highlights the exchange's commitment to transparency and its efforts to maintain trust among its users. By publicly disclosing its cryptocurrency holdings and demonstrating that customer deposits are fully backed, Binance aims to foster confidence in the cryptocurrency ecosystem.

In addition to Shiba Inu, the report also showcases Binance's high collateralization rates for other major cryptocurrencies, such as Bitcoin (BTC) and Ethereum (ETH), with ratios of 104.46% and 103.58%, respectively.

As the cryptocurrency industry continues to grow and evolve, transparency and trust are paramount for both exchanges and users. Binance's PoR report serves as a testament to its dedication to maintaining a secure and reliable platform for its customers, ensuring that their digital assets are properly safeguarded.