The famous cryptocurrency exchange company Crypto.com reportedly holds 20% of its reserves in Shiba Inu (SHIB), the second largest memecoin.
For the record, Crypto.com owns $570 million worth of Ethereum-based memecoins (ETH) with Bitcoin (BTC) cryptocurrency holdings of 31% followed by SHIB at 20%.
In fact, the company also owns 17% of ETH while Tether (USDT) and stablecoin USDC are each 5% of the exchanger's reserves.
According to Kris Marszalek, Crypto.com's Chief Executive Officer (CEO) stated that his company will reveal more detailed information regarding its overall digital asset holdings in the coming weeks.
He further added that he acted as such shortly after the largest crypto exchange FTX declared bankruptcy last week due to the ongoing liquidity crisis.
Meanwhile, the White House is encouraging more regulated industry regulation and currently allowing customers who cannot access the billions of dollars on the FTX platform.
Overall, SHIB is the 14th largest crypto in the world with a market cap of $5.7 billion which is constantly competing with Dogecoin (DOGE).
It is understood that memecoins are cryptos or tokens inspired by internet memes that have no clear utility and whose price is always fluctuating.
As of this writing, SHIB is currently hovering at a price zone $0.00000781 from its all-time high while the market cap in 2021 reaches $41 billion.
