When doubts arose about the authenticity and value of the exchange’s reserves Krypto.com, these have just been audited by the French company Mazars. The results are pretty conclusive as user funds would be 102% guaranteed.
Since theFTX platform collapseMany users are demanding more transparency from exchanges, especially with regard to the contents of their reserve funds. A request that many of them have confirmed to reassure their customers. binanceCoinbase, Kraken and Gate.io are among those who disclose the contents of their reserves, but also have them checked by independent auditing companies.
on friday day, another industry giant just joined the other 4 exchanges mentioned above. This is the platform Krypto.com which, like Binance, has chosen Mazars to authenticate its reserves. According to the French auditing firm, the Singapore platform’s clients’ funds are 102% guaranteed.
Just like Binance,”The Mazars Group compared the assets held in the on-chain addresses proven to be controlled by Krypto.com with customer balances through a live auditor-driven query on a production database as of December 7, 2022, 00:00:00 UTC.” reported Krypto.com
Additionally, it should be noted that the exchange would have $3.3 billion in the treasury, according to tracker CoinmarketCap.
reassure customers
This verification procedure is one possibility Krypto.com to maintain customer confidence amid doubts about the authenticity and value of its reserves. Commenting on Mazars’ audit firm’s verdict, crypto exchange CEO Kris Marszalek said:
“Demonstrating verified reserves is an important step for the entire industry to increase transparency and begin the process of restoring trust.”
Then he added that Krypto.com “is fully committed to providing customers around the world with a secure and compliant way to use digital currencies.”
However, a Wharton University researcher explained in the Coindesk columns that the testing of crypto.com is not an “official examination”. For the latter, it is a “matching exercise based on information provided by the customer regarding the addresses of assets in the chain and a database of customer balances”.
Disclaimer
All information on our website is published to the best of our knowledge and belief and for general information purposes only. Any action taken by the reader on the basis of information on our website is entirely at your own risk.