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Binance Surpasses Uphold to Become Largest XRP Custodian
In a significant development, Binance has surpassed Uphold to become the largest custodian of Ripple’s XRP token. According to recent data and blockchain analysis, it appears that Binance now holds over 2 billion XRP tokens worth approximately $5.96 billion.
The massive holding is confirmed by both blockchain explorers and independent data trackers, with some even suggesting that Binance’s dominance in XRP custody may have a profound impact on market liquidity and price stability.
Despite its newfound status as the largest custodian of XRP, Binance does not own the token outright. Instead, the exchange pools XRP on behalf of millions of users across its platform. As such, while Binance has gained control over an enormous amount of XRP, it is not in direct possession of these assets.
While the news has sent shockwaves throughout the cryptocurrency community, some experts have expressed concern over the concentration of custody in centralized exchanges like Binance. It remains to be seen how this development may impact the broader market and its participants.
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Source: blockonomi.com
