Crypto.com, which was founded in 2016, has joined the train of cryptocurrency exchanges that have released their Proof of Reserves (PoR) in the aftermath of the collapse of one-time fastest-growing crypto exchange, FTX.
A PoR is an independent audit conducted by a third party that seeks to confirm a digital asset custodian truly holds the assets it claims it has in reserves to secure customers' funds.
On Friday, the Singapore-based exchange 보유량 증명 공개 which was audited by Mazars Group, a top international audit, tax, and advisory firm. The auditor used advanced cryptographic procedures to confirm the availability and backing of its customer balances, Crypto.com explained.
The exchange also noted that its users can now verify that their crypto assets are fully backed 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 customer balances.
As shared by Crypto.com, the asset-reserve rations for the major digital assets on its platform include BTC (102%), ETH (101%), USDC (102%), USDT (106%), USDT (106%) and XRP (101%). Others are Dogecoin (101%), Shiba Inu (102%), Link (101%), and Mana (102%).
https://t.co/vCNztABJoG 준비금 증명 감사 결과를 발표합니다.
Mazars Group은 https://t.co/vCNztABJoG 7월 XNUMX일 현재 프로덕션 데이터베이스의 감사관 라이브 쿼리를 통해 고객 잔액과 함께. pic.twitter.com/sXgvIe4ZMV
- Crypto.com (@cryptocom) 2022 년 12 월 9 일
Speaking on the development, Kris Marszalek, the 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 of restoring trust.”
PoR and Other Crypto Exchanges
At the start of the week, another Singapore-based crypto exchange Bitget이 PoR을 출시했습니다. which is based on the Merkle tree technique. The exchange launched the ‘Merkle Validator' tool for its users to audit their own accounts and verify the backing of their crypto deposits.
“The release of the Proof of Reserves and the Merkle tree data equips users with updated and informational insights on the financial status of Bitget and enhanced control on their assets stored on the platform, which is echoed in our commitment of maximum transparency and top-notch protection policies for users," Gracy Chen, the Managing Director of 비트겟설명했다.
Furthermore, in late November, leading cryptocurrency exchange Binance 비트코인에 대한 PoR을 발표했습니다., promising to add the ones 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 backed. People will be able to check the site and see Binance’s Proof of Reserves, showing Binance’s reserve ratio alongside customer liabilities,” 바이낸스 설명했다.
Crypto.com, which was founded in 2016, has joined the train of cryptocurrency exchanges that have released their Proof of Reserves (PoR) in the aftermath of the collapse of one-time fastest-growing crypto exchange, FTX.
A PoR is an independent audit conducted by a third party that seeks to confirm a digital asset custodian truly holds the assets it claims it has in reserves to secure customers' funds.
On Friday, the Singapore-based exchange 보유량 증명 공개 which was audited by Mazars Group, a top international audit, tax, and advisory firm. The auditor used advanced cryptographic procedures to confirm the availability and backing of its customer balances, Crypto.com explained.
The exchange also noted that its users can now verify that their crypto assets are fully backed 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 customer balances.
As shared by Crypto.com, the asset-reserve rations for the major digital assets on its platform include BTC (102%), ETH (101%), USDC (102%), USDT (106%), USDT (106%) and XRP (101%). Others are Dogecoin (101%), Shiba Inu (102%), Link (101%), and Mana (102%).
https://t.co/vCNztABJoG 준비금 증명 감사 결과를 발표합니다.
Mazars Group은 https://t.co/vCNztABJoG 7월 XNUMX일 현재 프로덕션 데이터베이스의 감사관 라이브 쿼리를 통해 고객 잔액과 함께. pic.twitter.com/sXgvIe4ZMV
- Crypto.com (@cryptocom) 2022 년 12 월 9 일
Speaking on the development, Kris Marszalek, the 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 of restoring trust.”
PoR and Other Crypto Exchanges
At the start of the week, another Singapore-based crypto exchange Bitget이 PoR을 출시했습니다. which is based on the Merkle tree technique. The exchange launched the ‘Merkle Validator' tool for its users to audit their own accounts and verify the backing of their crypto deposits.
“The release of the Proof of Reserves and the Merkle tree data equips users with updated and informational insights on the financial status of Bitget and enhanced control on their assets stored on the platform, which is echoed in our commitment of maximum transparency and top-notch protection policies for users," Gracy Chen, the Managing Director of 비트겟설명했다.
Furthermore, in late November, leading cryptocurrency exchange Binance 비트코인에 대한 PoR을 발표했습니다., promising to add the ones 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 backed. People will be able to check the site and see Binance’s Proof of Reserves, showing Binance’s reserve ratio alongside customer liabilities,” 바이낸스 설명했다.
