After the collapse of FTX, a number of crypto exchanges rushed to reassure their users of their solvency by disclosing the balances of the stored cryptocurrency in reports that have come to be called Proof of Reserves (PoR) – confirmation of reserves.
Net balance of XRP owned Binance, accounts for 103.92% of the total client assets on the platform. User deposits are currently 2.59 billion XRP.
However, the XRP balance on Binance has shrunk over the past three months, while customer balances have increased over that time. In March, Binance had 2.7 billion XRP and customers had 2.58 billion XRP.
Renowned crypto broker Uphold has also made public its holdings, shedding light on the sizeable holdings of XRP tokens. He currently holds $1.056 billion worth of XRP in his reserves.
According to the latest data, the assets owned by Uphold effectively cover liabilities. Interestingly, this is one of the few platforms that offers XRP to US customers. This is probably why XRP assets make up approximately 59% of all assets on Uphold.
The figures show that XRP accounts for approximately 28.5% of the total transactions conducted on the Uphold platform, with the total number of transactions exceeding 17.4 million. This use and adoption of XRP on Uphold further highlights the popularity and demand for the digital asset among users.
Among other things, the Uphold report shows that the platform’s coverage exceeds commitments at 101.3%. This in some way reinforces the desire of the broker to maintain a strong financial position.
The publication of this data definitely highlights the commitment of the platforms to provide a safe environment for their users. However, we should not forget the number one rule of the crypto market: not your keys, not your coins.