VOT Research Report
Market Analytics and Considerations
- According to Nansen’s study, Crypto.com has assets worth around $3 billion.
- Every corporation must give disclosure priority in light of the FTX disaster. Crypto.com was a forerunner.
Shiba Inu now owns 20% of the assets, according to an initial auditing, as crypto.com switches to Proof Of Reserve. Due to the FTX crash, every company is forced to prioritise openness. Most businesses are making changes to increase transparency. Crypto.com was a pioneer as a result. They possess a sizable amount of assets in a well-established meme-coin, as it has now been made clear.
One business, Crypto.com, has taken the preemptive action of sharing wallet addresses with the blockchain analysis company Nansen while such efforts are only beginning. to build an asset and reserve gauge for close to $3 billion.
Interim Crypto.com Audit Shows Lots of SHIB
The investigation finds that a sizeable amount of Crypto.com’s assets are managed by the meme coin Shiba Inu. Because the bulk of the SHIB token is a widely used but frequently abused cryptocurrency, it is widely thought of as speculative and is traded for cheap, rapid profits.
Additionally, SHIB accounts for about $588 billion of the $2.88 billion in total assets. With the holding accounting for 31% of all cryptocurrencies and coming in second just behind the $872 million in bitcoin (BTC), the biggest cryptocurrency by market value. Data from Nansen indicates that the sum is greater than $487 million in ether (ETH). The second-largest cryptocurrency, trailing only Dogecoin ($1.5 million) in size (DOGE).
A spokesperson for Crypto.com told a media outlet said-
“Shiba is included in our Proof of Reserves because we hold customers’ balances 1:1. As a result, our Proof of Reserves is determined by our customers’ holdings.”
He argues that the accumulation of these tokens on exchanges with a focus on retail is not surprising. No matter what, as an exchange, one’s primary source of income is going to be trading commissions, therefore the business model endures whether trading meme coins or more fundamentally sound securities.
