​Crypto.com reports storing 20% of its reserves in Shiba Inu tokens

What’s new? On November 11, cryptocurrency exchange Crypto.com published data on the composition of its reserves. The platform holds more than $2,9 billion in digital assets on its balance sheet (as of 15:00 UTC), with the share of the Shiba Inu (SHIB) meme token about 20%. Crypto.com CEO Kris Marszalek shared Nansen’s data.

Our team worked with @nansen_ai to put together a simple dashboard tracking these addresses:https://t.co/jy0sAFrx79

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

Reserve composition. Marszalek noted that in cooperation with Nansen, the exchange has created a simple dashboard to monitor the state of reserves in real-time. It shows the current dollar amount of assets as well as a breakdown of specific cryptocurrencies. Thus, the balance sheet includes:

• 31,16% in BTC
• 19,85% in SHIB
• 16,98% in ETH
• 6,70% in USDC
• 4,97% in USDT
• 20,34% in other assets

The platform also reflects the amount of debt, at the moment it is equal to zero.

The exchange’s users were struck by the fact that the share of meme coin SHIB is the second largest after bitcoin and exceeds the total share of stablecoins. In the comments to Marszalek’s tweet, they were also surprised that the share of the exchange’s native stablecoin, called CRO, amounted to only 3,75% of reserves.

In October, Crypto.com restricted the accounts of Russian users under the eighth package of EU sanctions.

On November 10, data on the composition of reserves was published by the Binance crypto exchange. In total, the company’s hot and cold wallet addresses hold digital assets worth more than $69,39 billion. OKX and KuCoin platforms also pledged to provide reports within a month. The initiative was proposed by Binance CEO Changpeng Zhao to boost confidence in the industry, in his view, the collapse and bankruptcy of FTX badly undermined it.

What is known about Shiba Inu? It is an Ethereum blockchain-based token issued under the ERC-20 standard. It was launched by an anonymous individual or group of developers under the pseudonym Ryoshi in August 2020 as an alternative to Dogecoin (DOGE), the mascot is also a Shiba Inu dog. In Q3 2022 SHIB became the second most popular among investors, the number of holders increased by 269% compared to 2021.

To learn more about ways to earn money on meme coins, see GetBlock Magazine’s article.