New York, Uphold, a digital financial services platform based in New York, recently published its Proof-of-Reserves, revealing that it holds a significant amount of Shiba Inu tokens in its reserve. According to the data from Uphold’s PoR platform, the platform currently holds $10.42M worth of SHIB, which equates to 921.09 billion Shiba Inu tokens. In addition, the report stated that Shiba Inu’s transaction volume currently stands at 0.19%, with a total transaction count of 377.9K on Uphold’s platform. Uphold’s PoR system shows that the financial services platform holds $1.79B worth of assets in its reserve, with an overcollateralized ratio of 100.9%.
The publication of Uphold’s PoR comes at a time when the financial industry is demanding complete transparency in reserve proofs 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. It is worth noting that Uphold is not the only crypto-related platform that has released its PoR system showing a significant amount of SHIB reserve. Other platforms, such as Binance, Crypto.com, KuCoin, Huobi, Bybit, and CoinEx, have also reported holding a significant amount of SHIB in their respective reserves.
The rise of Shiba Inu as a significant reserve asset among crypto platforms is notable. Shiba Inu, a meme-inspired cryptocurrency, has been gaining popularity in recent months, driven by the hype surrounding Dogecoin. Uphold’s disclosure that it holds a significant amount of SHIB in its reserve further strengthens the token’s legitimacy in the crypto market.
Uphold’s PoR system also shows that the financial services platform supports other assets, including fiats, cryptos, and stocks. The platform holds $1.79B worth of assets in its reserve, indicating a high level of credibility and trust among its users. The publication of Uphold’s PoR demonstrates the platform’s commitment to transparency, which is crucial for establishing trust and confidence in the crypto industry.