Uphold Exchange has over 921 billion Shiba Inus in reserve
Uphold has published its PoR, with an overconfidence ratio of 100.9%
New York-based digital financial services platform Uphold has published its Proof-of-Reserves, showing that it has a significant amount of Shiba Inu tokens in reserve.
In accordance data from its PoR platform, Uphold currently has $10,426,801 ($10.42 million) worth of SHIB. At the current exchange rate of $0.00001132, Uphold holds 921,095,494,699.64 (921.09 billion) Shiba Inu tokens.
According to the report, Shiba Inu’s transaction volume is currently 0.19%. In addition, Shiba Inu has a total number of transactions of 377.9K on the leading digital platform for financial services.
In a tweet yesterday, Uphold said the crypto asset is over 100% reserved.
👏 Proof of reserves 👏
The Uphold platform is 100%+ reserved ✊
Always have been and always will be 🤝
— Uphold (@UpholdInc) April 4, 2023
Uphold’s PoR report
Aside from SHIB, Uphold also published its PoR for its other supported assets, including fiat, crypto, stocks, etc. Data from Uphold shows that the financial services platform has $1,796,524,959 ($1.79B) in assets in reserve, with an overcollateralization ratio of 100.9%.
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To provide clarity, Uphold divided the assets into ten different levels. As reported earlier today, the trading platform said it has $1.07 billion worth of XRP in reserve.
Uphold’s PoR publication comes as the financial industry sees the need for complete proof-of-reserve transparency following the collapse of FTX and Silicon Valley Bank.
Although major traditional financial institutions have also collapsed recently, people’s focus has been on crypto-related businesses.
Crypto platforms that hold SHIB as reserves
It should be mentioned that Uphold is not the only crypto-related platform that has released its PoR system that shows a significant amount of SHIB reserves.
Last month, Binance updated its PoR report showed that the exchange has a whopping 78.5 trillion Shiba Inu tokens. In Crypto.com’s PoR system published in December 2022, the exchange revealed that Shiba Inu’s reserve share was 102%.
In an updated report, leading Singapore exchange CryptoCom said that Shiba Inu accounts for $677,065,343.84 ($677M), representing 18% of the reserve. The 15th largest cryptocurrency surpassed USDC stablecoin becomes Crypto.com’s third largest crypto holding.
In the same month, TheCryptoBasic reported that the popular cryptocurrency exchange KuCoin also holder a significant amount of Shiba Inu tokens in its reserve. The exchange said the reserve has 4,438,701,419,929 (4.43T) SHIB tokens.
Furthermore, cryptocurrency exchanges – Huobi and Bybit – also reported that 1,853,296,059,759 (1.85T) units of SHIB and 366,688,330,690.01 (366.68B) tokens are held in their respective reserves.
Hong Kong-based crypto exchange CoinEx revealed as of December 2022 that the reserve has 1,690,695,495,491.76 (1.6 trillion) Shiba Inu tokens. Earlier this year, India’s largest cryptocurrency exchange WazirX released its PoR, showing a holding of 6.09 trillion SHIB.
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