Crypto.com holds 20% of its reserves in SHIB

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Updated November 14, 2022 | Published November 14, 2022

2 mins read

The cryptocurrency has confirmed the information originally shared by research firm Nansen.

Crypto.com is storing 20% of its own reserves in Shiba Inu (SHIB), a meme token inspired by Dogecoin.

Put this way, SHIB is a highly speculative token, and Crypto.com’s stake in it could be out of fear that should it move the money elsewhere it would unleash yet another market collapse.

According to data from blockchain analysis firm by Nansen, the company also holds 31% of its reserves in Bitcoin.

The 20% that are put down on SHIB were estimated to be worth $570m at the time when Nansen was collecting its data.

The finding has been confirmed by Crypto.com CEO Kris Marszalek, which makes it less speculative as interesting, or even strange.

Why is one of the biggest names in the crypto industry banking on a token that hardly has value according to the more serious industry specialists.

Marszalek has confirmed that the exchange will make sure to give a detailed breakdown of its reserves and the tokens they were saved in and offer further explanation as to why specific decisions were made.

The crypto world is being rocked by a serious scandal after FTX urged users to deinstall its official apps, as the company confirmed the apps may be used to install Trojan viruses and malware on people’s devices.

This is a shocking statement and is unlikely to ever see trust in the company restored again.

Crypto.com has also seen its trade volume collapse, which the company blamed on the volatility of the cryptocurrency market, although this is bizarre thing to say.

After all, if you are a cryptocurrency company, and one of the biggest at that, this mean that you explain that these currencies will be prone to valuation swings.

Looking for your next crypto casino? Check out: Bitcasino, Gamb.co or FortuneJack.

Written by Alex

Reporter

Alex is a well-rounded crypto writer who focuses on general market and legal developments. His main interest lies in how crypto gaming can become a more permanent part of the gaming landscape and how blockchain holds benefits to players they are not even aware of.
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