A few days after Binance, Crypto.com, as the most recent cryptocurrency exchange, releases its proof of reserves, with the latter ensuring collateralization of assets deposited by its customers on the platform. Crypto.com announces that the cryptocurrencies in question are all at least 101% insured in their reserves.
Crypto.com reserves documented
Friday December 9th Crypto.com released a statement regarding Mazars’ audit of its reservessame company as before scrutinized Binance’s Bitcoin (BTC) reserves. Remember that Mazars is one of the largest accounting firms in the world, also excelling in business consulting and international taxation.
To carry out these checks, Mazars compared the On-chain addresses of wallets officially held by Crypto.com with customer funds the platform.
In order to, the assets audited by Mazars are all at least 101% collateralisedas shown in the screenshot below:
The cryptocurrency in question (left) and its collateral percentage (right)
Kris Marszalek, CEO of Crypto.com who announced a month ago that the review was underway In response to rumors about the platform, stressed the importance of publicizing these caveats:
“Demonstrating verified reserves is an important step for the entire industry to increase transparency and begin the process of restoring trust. Crypto.com is fully committed to providing customers around the world with a secure and compliant way to interact with digital currencies. »
Note that on the newly created page dedicated to explaining the process of checking its Proof of Reserves, Crypto.com claims to be working with the Mazars firm to expand the range of assets checked on its platform. These include blockchains, among others Cronos (CRO) and VeChain (VET).
👉 What is Proof of Reserves and can it restore trust in centralized platforms?
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The usefulness of proofs of reservation
Condition indispensable requirement To regain investor confidence, all cryptocurrency exchanges faced each other obliged to publish their reserve statements in order to ensure the greatest possible transparency.
To understand a little more how these proofs of reserve work, we have wrote an article on this topic whereby you can learn in particular how to check these reserves yourself.
Crypto.com is the latest exchange to provide verified reserves just after rival Binance. Kraken, Coinbase or even Gate.io have this for the most part revealed their respective audits following the collapse of FTX earlier last month.
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Source : Krypto.com
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Passionate about the world of decentralized finance and the innovations that Web 3.0 brings, I write articles for Cryptoast to make blockchain more accessible for everyone. Convinced that cryptocurrencies will change the future very soon.
Maximilian Prue
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