- What – Amid intense anticipation for the upcoming Shibarium launch, which might scale Shiba Inu Network performance, SHIB enters Binance’s list of verifiable assets.
- Why – This is part of Binance’s move to promote users’ fund transparency and boost investor confidence.
- What Next – According to the announcement, Binance plans to add more tokens to its proof-of-reserve verification list.
Shiba made it to the list alongside three other crypto assets, such as Solana, Polkadot, and Chiliz.
Binance Upgrades Its Proof-of-Reserve System
Binance upgraded its list of verifiable assets by adding four new tokens, such as Shiba Inu, DOT, CHZ, and SOL. This addition brought the exchange’s verifiable assets to 13 popular crypto assets.
Binance announced that it upgraded its proof of reserves verification system as part of its efforts to improve transparency on user assets. In addition, the exchange added a verification software called zk-SNARKs. The zk-SNARKs is a zero-knowledge verification method that secures sensitive information by ensuring they remain private.
According to Binance, it would also make the system code open-source to enhance transparency with the community and ensure a seamless verification process. The exchange added that its move would set the pace for other crypto industry players to adopt the proof-of-reserve technology.
Also, Binance said it would add more tokens to its proof of reserve system in the coming weeks. The exchange also promised to make the verification function more reliable, private, and secure. In addition, Binance requested community feedback regarding its upgrade as it is its first zk-SNARKs implementation. The crypto exchange only hopes to improve the system with honest feedback it would receive from the Binance community.
With the new proof of reserve (POR) upgrade, users can now verify whether the total net balance of each account is positive or negative. Also, the new POR system includes all user assets in the total net balance that Binance has declared.
The Binance proof-of-reserve listing is one of many new developments in the Shiba Inu community. The latest report noted that Swapzone, a noncustodial cryptocurrency exchange aggregator, now supports Shiba Inu, Bone ShibaSwap (BONE), and Doge Killer (LEASH).In addition to Swapzone, the Sychelles-based crypto exchange announced its official listing of Bone on its platform. These developments indicate that the Shiba Inu community is expanding rapidly.
Will New Listing Scale Shiba Inu Price?
Shiba Inu and its sister tokens, BONE and LEASH, have seen a notable price increase since this year. Shiba Inu owes its 35.1% 30-day rally to the hype around the Shibarium Beta launch and listings on top cryptocurrency exchanges, like Cointree and OKCoinJapan.
Also, amid SHIB’s price rally, whales and sharks started accumulating large chunks of Shiba Inu coin. One of the most recent token accumulations was the transfer of over 3.3 million SHIB coins into a new address. This move made the wallet the latest and 30th largest SHIB whale, with over $30,458,751 worth of tokens.
Since similar news fuels coin rallies, Shiba Inu’s latest listing among Binance’s verifiable tokens might improve the meme coin’s performance in the coming weeks. But as of now, Shiba Inu’s price has declined by over 2%, with a 24-hour trading price of $0.0000125.
However, SHIB has seen a 7-day price increase of 2.5%, and a 14-day and 30-day rally of 7.2% and 35.1%, respectively.
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