In the middle of FTX’s liquidity crisis, Crypto.com released its proof of reserves in an effort to promote what the platform calls “transparency.”
In a blog post on November 11, Crypto.com said that an interim audit shows that its reserves are worth about $2.9 billion.
The exchange says that some of the reserves are around 53,024 Bitcoin (BTC) and 391-564 Ethereum (ETH), and they plan to share the full audit results in the future. Notably, the reservations were posted after the company reached 70 million users.
The number of people who took part was also confirmed by Kris Marszalek, the CEO of Crypto.com, in a press release on November 11.
This is a key moment for the sector as a whole. Transparency is more important than ever, and keeping users and their money safe and secure is still the most important thing. “THIS REQUIRES A COMPLETE AND JOINT COMMITMENT,” SAID THE EXCHANGE.
Reserves will be released by other cryptocurrency exchanges.
Marszalek had previously said he would release proof of reserves and dared other cryptocurrencies to do the same.
“WE AGREE THAT CRYPTOCURRENCY EXCHANGES SHOULD BE REQUIRED TO SHARE PROOF OF RESERVES WITH THE PUBLIC, AND CRYPTO.COM WILL SHARE OUR AUDITED PROOF OF RESERVES IN THE PUBLIC,” HE SAID IN A STATEMENT. Tweeted on November 10
First, after the FTX mess, Binance, the biggest cryptocurrency exchange in the world, released its proof of reserves. Binance says that the business has reserves worth $47 billion. These reserves include, among other things, 475,000 BTC, 4.8 million ETH, 17.6 billion USDT, and 21.7 billion USDT.
After the exchange agreed to take over FTX, Binance made the decision to show proof of reserves. But Binance backed out of the deal, saying that it couldn’t help it.
After FTX almost went out of business, cryptocurrency exchanges like Gate.io, KuCoin, Poloniex, Bitget, Huobi, OKX, Deribit, and By bit said they would do reviews to find out how much their reserves were worth in total.
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