Crypto.com Releases Audited Proof of Reserves

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 released its Proof of Reserves 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 releases Proof of Reserves audited results. Mazars Group compared the assets held in on-chain addresses proven to be controlled by https://t.co/vCNztABJoG with customer balances through an auditor-overseen live query of a production database as of Dec 7. pic.twitter.com/sXgvIe4ZMV— Crypto.com (@cryptocom) December 9, 2022Speaking 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
ExchangesAt the start of the
week, another Singapore-based crypto exchange Bitget released its PoR 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 Bitget, explained.Furthermore, in late November, leading
cryptocurrency exchange Binance published its PoR for Bitcoin, 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,” Binance explained.
This article was written by Solomon Oladipupo at www.financemagnates.com.

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