In the wake of the FTX debacle, most exchanges have been showing their books in an effort to treasure their customers that they are not in a similar situation. But this also has shunned light on some newsworthy things. Especially when it comes to Crypto.com.
This appears to very much be the case. While the data shows that the largest single source of Crypto.com´s assets is in Bitcoin, with 31% of them. A whopping 20% of their assets are in the meme coin Shiba Inu, or $SHIB. To translate that into more tangible numbers these tokens are worth approximately $570 million.
And that might be well and fine to some. But personally, I would prefer a company that I am a customer of to not be so heavily invested in a meme coin. Especially because they have a propensity to be volatile, even more so than “normal” crypto. So for them to have 1/5 of their total assets in the meme coin. Their second largest asset. To me, that is just asking for trouble.
Other than Bitcoin and $SHIB Crypto.com also have 17% of its assets in Ethereum, and 5% in $USDT and $USDC each.
While it is true that Crypto.com´s assets reflect their customers holding. Being so heavily invested in $SHIB have lots of downsides, as well as raises some question. What have they done in order to attract so many holders of that particular meme coin?
What is your thought on this, would you choose to have such a large portion of your asset in a meme coin? Please sound off in the comment section down below. If you have found this post informative or entertaining. Please consider following me, and reading some of my other posts or why not do both?
See you on the interwebs!
Picture provided by: crypto.com media