Crypto.com has announced the result of its Proof of Reserve check. This means that users can verify the safety of their funds at any time.
Proof of Reserve is a concept that describes the totality of the assets a platform has to match all assets belonging to its clients. It involves auditing the reserves of the platform by an independent firm to ensure transparency in the process.
After the collapse of FTX, a centralized exchange, Binance, became the first crypto exchange for carrying out the Proof of Reserve, suggesting that it has become a norm in the crypto space. They are also working hand in hand with Vitalik to create a tool that verifies it on-chain.
Crypto.com contracted Mazars Group, a global auditing firm with more than 44,000 professionals in over 90 countries, to conduct its Proof of Reserve. The process, according to Crypto.com, involved comparing on-chain assets owned by Crypto.com with customer balances on the platform.
Result of the Proof of Reserve
A report breakdown shows that BTC, USDC, SHIB, and MANA are each held at 102%, ETH, XRP, DOGE and LINK are each at 101%, while USDT is at 106%. In addition, existing users can verify if their assets are held on a 1:1 and properly backed on Crypto.com.
Kris Marszalek, CEO of Crypto.com, explained that initiating Proof of Reserves is vital for the entire crypto industry as it will increase transparency and rebuild lost trust in the industry. “Crypto.com is fully committed to providing customers around the world a safe, secure, and compliant means of engaging with digital currencies,” he added.
Crypto.com is a Singaporean cryptocurrency exchange company founded in June 2016 by Bobby Bao, Gary Or, Kris Marszalek, and Rafael Melo. It has an exchange, wallet, and NFT marketplace. Cronos is the native token issued by the firm.
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