How Much XRP Is Currently on Binance?

[Eamon]

How Much XRP Is Currently on binance?


TL;DR

• Binance’s latest Proof of Reserve report reveals that it has enough XRP to cover customer balances at 104.26%, with similarly positive rates for Bitcoin and Ethereum.
• The PoR system demonstrates Binance’s commitment to transparency and financial integrity by ensuring that all customer funds are fully backed.

The latest Proof of Reserve (PoR) Binance report shows that XRP customers have net balances of over 2.7 billion tokens (over $1.5 billion when calculated at current exchange rates). In comparison, the net balance of the exchange reached more than 2.8 billion assets, a ratio of 104.26%.

The proof-of-reserve system aims to provide transparency and build trust within Binance’s user base by showing that the exchange has enough reserves to cover all customers’ balances 1:1 (plus some reserves).

In other words, it ensures that customers’ funds are fully supported and that the company operates with financial integrity. The latter is especially important considering the bankruptcies of some leading crypto exchanges such as FTX, which allegedly mismanaged customers’ assets.

“What this really means is that Binance holds all user assets (and some reserves) at a 1:1 ratio, we have zero debt in our capital structure, and we made sure we had an emergency fund (SAFU fund) for this. Extreme cases,” says Binance.

The company’s Bitcoin and Ethereum net balances also have a positive ratio of 103.79% and 106.56%, respectively.

Other crypto exchanges that have released similar reports in the past few months include Crypto.com, kraken, OKX, and more.

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