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XRP Becomes Third Largest Asset on Canada's Major Crypto Exchange, Here's How Many Millions It Holds

Tue, 11/29/2022 - 13:29
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Gamza Khanzadaev
Millions of dollars worth of XRP held by major Canadian crypto exchange Coinsquare
XRP Becomes Third Largest Asset on Canada's Major Crypto Exchange, Here's How Many Millions It Holds
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Crypto analytics portal Nansen revealed data from cryptocurrency exchanges as part of a trend toward publishing proof of reserves. As became known then, 16.67% of the holdings of Coinsquare, a major Canadian cryptocurrency exchange, are in XRP.

Second only to BTC and ETH, Coinsquare's XRP reserves stand at 52.6 million tokens with an equivalent value of $20.8 million. Coinsquare's total reserves stand at $124.77 million.

It was also an interesting revelation that XRP is the third largest asset in the reserves of Norway's largest CeDeFi crypto broker, Firi. According to all the same Nansen data, 18.02% of the company's $76.5 million in reserves is allocated to XRP. That share is equivalent to 35 million tokens with a combined value of $13.8 million.

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Pro-XRP regulators

Against the backdrop of litigation between the U.S. Securities and Exchange Commission and Ripple over XRP's status, the commonality between the two centralized venues seems rather ironic.

Aside from the fact that Coinsquare and FIRI have XRP as their third largest holding, both are licensed in their respective countries. This is reported on their websites, where FIRI is licensed by the Financial Supervisory Authority of Norway and Coinsquare is Canada's first IIROC-regulated crypto marketplace.

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About the author

Financial analyst, trader and crypto enthusiast.

Gamza graduated with a degree in finance and credit with a specialization in securities and financial derivatives. He then also completed a master's program in banking and asset management.

He wants to have a hand in covering economic and fintech topics, as well as educate more people about cryptocurrencies and blockchain.