Crypto.com, which was founded in 2016, has joined the train of cryptocurrency exchanges that released their proof of reserves (PoR) following the collapse of the fastest growing crypto exchange , FTX.
A PoR is an independent, third-party audit that seeks to confirm that a digital asset custodian actually holds the assets it claims to have in store to secure client funds.
On Friday, the Singapore-based exchange published its proof of reserves which has been audited by Mazars Group, one of the leading international audit, tax and advisory firms. The auditor used advanced cryptographic procedures to confirm the availability and safeguard of its customers’ balances, Crypto.com explained.
The exchange also noted that its users can now verify that their crypto assets are fully backed up 1:1 on its platform. The digital asset firm pointed out that Mazars Group compared its proven assets held in on-chain addresses with its client balances.
As shared by Crypto.com, asset reserve rations for major digital assets on its platform include BTC (102%), ETH (101%), USDC (102%), USDT (106%), USDT (106%) and XRP (101%). The others are Dogecoin (101%), Shiba Inu (102%), Link (101%) and Mana (102%).
https://t.co/vCNztABJoG publishes the audited results of proof of reservations.
Mazars Group has compared the assets held in chain addresses that have been proven to be controlled by https://t.co/vCNztABJoG with customer balances via a live query supervised by an auditor from a production database from December 7th. pic.twitter.com/sXgvIe4ZMV
— Crypto.com (@cryptocom) December 9, 2022
Speaking on the development, Kris Marszalek, CEO of Crypto.com, noted that “Providing audited Proof of Reserves is an important step for the entire industry to increase transparency and begin the process. restoring confidence”.
PoR and other crypto exchanges
Earlier this week, another Singapore-based crypto exchange Bitget released its PoR which is based on the Merkle tree technique. The exchange has launched the “Merkle Validator” tool for its users to audit their own accounts and verify the backup of their crypto repositories.
“The release of Proof of Reserves and Merkle Tree data provides users with up-to-date and informative information about Bitget’s financial condition and increased control over their assets stored on the platform, which is reflected in our commitment to maximum and first-rate transparency. user protection policies,” Gracy Chen, Managing Director of bitgethas explained.
Additionally, in late November, leading cryptocurrency exchange Binance published its PoR for Bitcoinpromising to add those for Ether, USDT, USDC, BUSD and BNB “soon”.
“So in simple terms, when a user deposits one bitcoin, Binance’s reserves increase by at least one bitcoin to ensure client funds are fully collateralized. People will be able to visit the site and see proof of reserves of Binance, showing Binance reserve ratio alongside client liabilities,” Binance Explain.
Crypto.com, which was founded in 2016, has joined the train of cryptocurrency exchanges that released their proof of reserves (PoR) following the collapse of the fastest growing crypto exchange , FTX.
A PoR is an independent, third-party audit that seeks to confirm that a digital asset custodian actually holds the assets it claims to have in store to secure client funds.
On Friday, the Singapore-based exchange published its proof of reserves which has been audited by Mazars Group, one of the leading international audit, tax and advisory firms. The auditor used advanced cryptographic procedures to confirm the availability and safeguard of its customers’ balances, Crypto.com explained.
The exchange also noted that its users can now verify that their crypto assets are fully backed up 1:1 on its platform. The digital asset firm pointed out that Mazars Group compared its proven assets held in on-chain addresses with its client balances.
As shared by Crypto.com, asset reserve rations for major digital assets on its platform include BTC (102%), ETH (101%), USDC (102%), USDT (106%), USDT (106%) and XRP (101%). The others are Dogecoin (101%), Shiba Inu (102%), Link (101%) and Mana (102%).
https://t.co/vCNztABJoG publishes the audited results of proof of reservations.
Mazars Group has compared the assets held in chain addresses that have been proven to be controlled by https://t.co/vCNztABJoG with customer balances via a live query supervised by an auditor from a production database from December 7th. pic.twitter.com/sXgvIe4ZMV
— Crypto.com (@cryptocom) December 9, 2022
Speaking on the development, Kris Marszalek, CEO of Crypto.com, noted that “Providing audited Proof of Reserves is an important step for the entire industry to increase transparency and begin the process. restoring confidence”.
PoR and other crypto exchanges
Earlier this week, another Singapore-based crypto exchange Bitget released its PoR which is based on the Merkle tree technique. The exchange has launched the “Merkle Validator” tool for its users to audit their own accounts and verify the backup of their crypto repositories.
“The release of Proof of Reserves and Merkle Tree data provides users with up-to-date and informative information about Bitget’s financial condition and increased control over their assets stored on the platform, which is reflected in our commitment to maximum and first-rate transparency. user protection policies,” Gracy Chen, Managing Director of bitgethas explained.
Additionally, in late November, leading cryptocurrency exchange Binance published its PoR for Bitcoinpromising to add those for Ether, USDT, USDC, BUSD and BNB “soon”.
“So, in simple terms, when a user deposits one bitcoin, Binance reserves increase by at least one bitcoin to ensure client funds are fully collateralized. People will be able to visit the site and see proof of reserves of Binance, showing Binance reserve ratio alongside client liabilities,” Binance Explain.