This Exchange Holds 20% of its Reserves in Shiba Inu

2022-11-13 10:30

The CEO of a popular exchange released a Proof-of-Reserves that reveals the second largest holding of its reserves is in Shiba Inu.

The downfall of the FTX exchange, from the second-largest exchange to bankruptcy, has increased the demand for transparency from crypto exchanges.

The blockchain oracle platform, Chainlink, presented a protocol dubbed ‘Proof-of-Reserve’ to enable reliable and timely monitoring of reserve assets. It performs automated audits to provide transparency to users.

Crypto.com holds $570 Million in Shiba Inu

Kris Marszalek, the founder and CEO of Crypto.com, released a dashboard of its Proof-of-Reserves that shows Shiba Inu (SHIB) as the second largest reserve holding. The total reserves with the exchange are worth over $2 billion, out of which it holds almost $570 million in SHIB.

Source: Twitter

Its largest allocation is in Bitcoin, worth nearly $900 million, and makes up over 30% of the portfolio. Whereas the third largest allocation is in Ethereum, worth nearly $500 million. Ethereum makes up over 17% of the reserves holdings. The USDC and USDT stablecoins also make up just over 5% of its allocation each.

Source: Nansen What does the founder have to say about their reserves?

Kris Marszalek has tweeted, stating that this represents only a portion of their reserves. The exchange will release a fully audited Proof-of-Reserves over the next couple of weeks. It also wants to work in a spirit of full transparency and remain a secure platform.

Shiba Inu (SHIB) is trading nearly 90% down from its all-time high of $0.000088 in September 2021 levels and is down by 3% on the day at the time of press.

Meanwhile, Cronos (CRO), the native token of Crypto.com, is down by almost 12% in 24 hours. It is currently trading at $0.0821.

Got something to say about Shiba Inu, Crypto.com, or anything else? Write to us or join the discussion on our Telegram channel. You can also catch us on Tik Tok, Facebook, or Twitter.

For BeInCrypto’s latest Bitcoin (BTC) analysis, click here

The post This Exchange Holds 20% of its Reserves in Shiba Inu appeared first on BeInCrypto.

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SHIBA INU (SHIB) на Currencies.ru

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Изменеия 24h: 8.92 %, 7d: 2.86 %
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Капитализация $0 Rank 3428
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Источник: beincrypto.com

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