What's Hot

    CBDC Anti-Surveillance State Act Advances Through House Committee

    September 21, 2023

    CoinEx Resumes Operations and Fortifies Security After $70 Million Hack

    September 21, 2023

    Stanford University to Return $5.5 Million in Crypto Gifts from FTX

    September 21, 2023
    Facebook Twitter Instagram
    Facebook Twitter Instagram
    The Bull's GazetteThe Bull's Gazette
    Members Area
    • News
      1. Markets
      2. Policy & Economy
      3. Business
      4. Tech
      Featured

      CoinEx Resumes Operations and Fortifies Security After $70 Million Hack

      News September 21, 2023
      Recent

      CoinEx Resumes Operations and Fortifies Security After $70 Million Hack

      September 21, 2023

      Stanford University to Return $5.5 Million in Crypto Gifts from FTX

      September 21, 2023

      Balancer Attributes Website Hijack to DNS Provider Due to ‘Social Engineering Attack’

      September 21, 2023
    • Features
      • Opinion
    • Research
      • Publications
      • Market Analysis
      • Contribute
    • Finance & Crypto Guides
    • Consultation
    • Membership
    • Store
    The Bull's GazetteThe Bull's Gazette
    Home»News»Popular Crypto Exchange Holds 20% of its Reserves in Shiba Inu
    News

    Popular Crypto Exchange Holds 20% of its Reserves in Shiba Inu

    Anietie DavidBy Anietie DavidNovember 13, 2022Updated:November 13, 2022No Comments2 Mins Read
    Popular Crypto Exchange Holds 20% of its Reserves in Shiba Inu
    Share
    Facebook Twitter LinkedIn Pinterest Email

    According to a Proof of Reserves dashboard, Crypto.com holds nearly $570 million in Shiba Inu. The total reserves with the exchange are over $2 billion — of which $900 million are allocated to Bitcoin.

    Shiba Inu (SHIB) is the second-largest reserve holding, according to a dashboard of Crypto.com’s Proof-of-Reserves issued by creator and CEO Kris Marszalek. The exchange has more than $2 billion in total reserves, of which it currently has about $570 million in SHIB.

    Over 30% of the portfolio is made up of its largest holding, which is Bitcoin, with a market value of almost $900 million. Ethereum, with a value of around $500 million, received the third-largest allotment. More than 17% of the reserves are held in ethereum. The USDC and USDT stablecoins each account for somewhat more than 5% of their allotment.

    Marszalek tweeted stating that this represents only a portion of their reserves. He added that over the following several weeks, the exchange will publish a fully audited Proof-of-Reserves. Additionally, it seeks to maintain its status as a secure platform and work with complete openness.

    Please expect a full audited Proof of Reserves from us in the next couple of weeks, confirming the full 1:1 reserve of all customer assets.

    — Kris | Crypto.com (@kris) November 11, 2022

    CZ Calls for Proof-of-Reserves For Transparency

    Binance CEO Changpeng Zhao announced that his exchange would soon begin a Proof-of-Reserves audit mechanism to provide verification of its digital asset holdings in response to the liquidity problems surrounding FTX.

    In a tweet on November 8, Zhao promised to develop a Proof-of-Reserve system at Binance in order to give “complete transparency” through the use of Merkle Trees, a data structure used to more effectively and securely encrypt blockchain data. An impartial third party usually performs a Proof-of-Reserve audit to make sure the assets belonging to the custodian are indeed owned as stated.

    All crypto exchanges should do merkle-tree proof-of-reserves.

    Banks run on fractional reserves.
    Crypto exchanges should not.@Binance will start to do proof-of-reserves soon. Full transparency.

    — CZ 🔶 Binance (@cz_binance) November 8, 2022

    The decision by the CEO of Binance to deploy Proof-of-Reserves comes after Binance agreed to buy crypto exchange FTX on Nov. 8, which CEO Sam Bankman-Fried first dismissed as having financial trouble.

    In a tweet on November 8, Chainlink CEO Sergey Nazarov voiced his opinion that a cryptographic-based Proof-of-Reserves system “is becoming the new industry standard” and might give investors a clearer image of the solvency position of a trading venue or financial business. Nearly everyone on Twitter supported the concept of increased Proof-of-Reserve audits, and prominent members of the crypto industry commented on Binance’s action.

    Binance Blockchain Crypto Exchange Crypto.com FTX Exchange
    Share. Facebook Twitter Pinterest LinkedIn Tumblr Telegram Email
    Previous ArticleMicroStrategy Reportedly Loses $1.8 Billion as Crypto Prices Fall
    Next Article Hong Kong Set To Issue World’s First Tokenized Green Bonds
    Anietie David

    Anietie has worked in the blockchain industry for three years, gaining experience in blockchain technology, cryptocurrencies, DeFi, and NFTs. As a seasoned content writer, he is passionate about creating effective content strategies for blockchain brands. In addition to content writing, he also has a strong interest in front-end development. When he's not working, he spends his time reading horror novels or playing CODM.

    Related Posts

    CoinEx Resumes Operations and Fortifies Security After $70 Million Hack

    September 21, 2023

    Stanford University to Return $5.5 Million in Crypto Gifts from FTX

    September 21, 2023

    Balancer Attributes Website Hijack to DNS Provider Due to ‘Social Engineering Attack’

    September 21, 2023
    Add A Comment

    Leave A Reply Cancel Reply

    Top Posts

    Hong Kong Monetary Authority (HKMA) Issues Warning on Misleading Crypto Banking Claims

    September 18, 2023

    Report Shows that 99% of Nigerians are Crypto Aware

    September 4, 2023

    Hong Kong Report Reveals Positive Impact of Bond Tokenization on Market

    August 26, 2023

    Our best content, straight to your inbox.

    Disclaimer

    Capital at risk. Content on this website does not constitute financial advice. Please do your due diligence before making any investment.

    Company
    Company

    At the forefront of news and analysis for emerging markets, business, crypto and tech - TBG is redefining financial information through resources for next-generation economics.

    Facebook Twitter Instagram LinkedIn TikTok Discord
    Links
    • About
    • Contribute
    • Advertise
    • Careers
    • Membership
    • Investor Relations
    • Frequently Asked Questions

    TBG Newsletter

    © 2023 The Bull's Gazette.
    • Terms and Privacy
    • Contact Us

    Type above and press Enter to search. Press Esc to cancel.