Binance Reveals Amount of Crypto Assets Held for Users in Recent Report
The largest crypto trading platform, Binance, has once again published its monthly proof-of-reserve (POR) report, disclosing the amount of Bitcoin, XRP, and other crypto assets it holds on behalf of its users. This latest report marks the 15th consecutive month of Binance’s efforts to provide transparency and ensure the security of users’ deposits.
Binance Holds Over 600,000 BTC for Crypto Enthusiasts
According to the POR report, Binance currently oversees 609,477 BTC for its users, with a net balance reflecting an over-collateralized ratio of 103.79%. This represents a 3.27% increase in BTC holdings compared to the previous month’s report. In total, Binance manages over $25.62 billion worth of Bitcoin for its users, solidifying its position as a leading custodian in the crypto space.
XRP and Ethereum also Safely Stored by Binance
In addition to Bitcoin, Binance holds a substantial amount of XRP and Ethereum for its users. The POR report reveals that Binance oversees 2.76 billion XRP tokens, equivalent to $1.38 billion. This represents a slight growth of 0.66% compared to the previous report.
Furthermore, Binance’s Ethereum holdings have increased by 4%, with the exchange currently managing 4,163,085 ETH tokens, valued at over $9.87 billion. Binance ensures that users’ deposits are held securely, maintaining a strong ratio of customers’ deposits to its net balance.
Stablecoins Dominate Binance’s Portfolio
The 15th POR report also highlights Binance’s significant holdings of stablecoins such as USDC, USDT, TUSD, and FDUSD. Notably, Binance holds a notably higher amount of stablecoins compared to its users’ deposits. For instance, the exchange holds 49% more USDC at 1.507 billion compared to users’ deposits of 1.01 billion.
Binance emphasizes that these figures do not include its corporate holdings, which are stored separately. The exchange also underscores its commitment to maintaining a debt-free capital structure and has established the SAFU fund to address extreme situations.
In conclusion, Binance’s latest POR report demonstrates its dedication to transparency and security by disclosing the amount of Bitcoin, XRP, Ethereum, and stablecoins it holds for its users. With over $25.62 billion worth of Bitcoin alone, Binance solidifies its position as a trusted custodian in the crypto industry.
Analyst comment
Positive news. As Binance continues to provide transparency and security, their 15th consecutive POR report reveals a significant increase in BTC holdings and over $25.62 billion worth of Bitcoin managed for users. Binance’s position as a leading custodian in the crypto space is further reinforced. Expect market confidence in Binance to strengthen.
