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Twenty percent of Crypto.com’s exchange reserves are in Shiba Inu.
Only 12% is held in USDC and USDT stablecoins.
The community questions the fact that a high percentage of reserves are held in speculative tokens.
According to data released by Crypto.com exchange CEO Kris Mars Marszalek, 20 percent of all the company’s reserves are held in Shiba Inu (SHIB), a meme cryptocurrency generally used in the market for speculative purposes.
Now that FTX failure threatens to spread to industryAs a result, many companies are sticking to transparency to preserve the trust of their users and to cushion the effects of the debacle of one of the major ecosystem exchanges.
Indeed, Zane Tackett, former head of institutional sales at FTX, said in a tweet that his team was “completely unaware” of the latent crisis the cryptocurrency exchange was in. As a result, many companies in the industry are revealing the status of their reserves.
In this regard, Kris Mars Marszalek shared links To a table by Nansen illustrating that. Crypto.com has more than $2 billion in its reserves. This exchange house is ranked 19th in the exchange ranking by CoinMarketcap
“This represents only a portion of our reserves: about 53,024 BTC, 391,564 ETH, combined with other assets totaling nearly $3 billion,” Crypto.com’s CEO said in a statement. “As the reserves review is being prepared,” he added.
In any case, according to the breakdown presented by Kris Mars Marszalek, 30 percent of the company’s reserves are in bitcoin (BTC), 20 percent in SHIB, 17 percent in ether (the cryptocurrency of the Ethereum network), and only 12 percent are held in the stable coins USDC and USDT.
However, the status of Crypto.com’s reserves worries some members of the community.Who are shedding light on Twitter. They question the fact that this exchange has a high percentage of SHIB and another high percentage (apparently another 20 percent) of its native CRO token.
They call for more value to be placed on the utility of taking away from speculation
On the subject of the crisis that is affecting the entire cryptocurrency ecosystem, another industry player recently spoke out, as reports CryptoNews. This is Jeremy Allaire, CEO of Circle, who believes that, for the good of the industry, it is necessary to be careful that projects are not based on tokens or speculative cryptocurrencies..
Allaire said that a disproportionate amount of the “value created” during the past bull market was generated on the basis of speculation, without regard to the utility of the products.
From his point of view, it is necessary to exploit cryptocurrencies and blockchain to increase the use value of moneyto build a financial system that is more open, inclusive, transparent and accessible to all.
To this end, he proposes that the industry from a stage of speculative value to one of utility value.. “And that has to be anchored in radically more open and transparent practices,” he said.