A few days after Binance, Crypto.com becomes the latest cryptocurrency exchange to publish its proof of reserves, the latter ensuring the collateralization of assets deposited on the platform by its customers. Thus, Crypto.com reveals that the cryptocurrencies concerned are all insured at least up to 101% in its reserves.
https://cryptoast.fr/crypto-com-revele-preuve-reserves-prouve-surcollateralisation-actif/
Crypto.com’s reservations documented
Friday, December 9, Crypto.com released a statement reporting an audit of its reserves by Mazars, the same firm that previously screened Binance’s Bitcoin (BTC) reserves. Remember that Mazars is one of the largest audit firms in the world, which also excels 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 balances of the platform.
Thereby, the assets audited by Mazars are all collateralized at least 101%as shown in the screenshot below:
Cryptocurrency concerned (left) and its percentage of collateralization (right)
Kris Marszalek, CEO of Crypto.com who announced a month ago already that the audit was underway in response to rumors about the platform, underlined the importance of the publication of these reservations:
“Providing evidence of audited 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 safe, secure and compliant way to engage with digital currencies. »
Note that on the newly created page dedicated to explaining the process of auditing its proof of reserve, Crypto.com claims to work with the firm Mazars in order to extend the spectrum of assets scrutinized on its platform. This includes, among others, blockchains Cronos (CRO) and VeChain (VET).
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The usefulness of evidence of reservations
Condition sine qua non to regain investor confidence, cryptocurrency exchanges all saw each other obliged to publish their evidence of reserves in order to ensure maximum transparency.
In order to understand a little more about how these proofs of reservations work, we have written an article dedicated to this subject which will allow you to learn how to check these reservations yourself.
Crypto.com is the latest exchange to provide audited reserves, shortly after rival Binance. Kraken, Coinbase or even Gate.io, have for the most part revealed their respective audits following the collapse of FTX early last month.
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Source: Crypto.com
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Passionate about the world of decentralized finance and the novelties brought by Web 3.0, I write articles for Cryptoast to help make blockchain more accessible to everyone. Convinced that cryptocurrencies will change the future very soon.
Maximilien Prue
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