Crypto.com has published Proof-of-Reserves – The Cryptonomist

Crypto.com has joined all crypto-exchanges that now have their Proof-of-Reserves, publishing the results.

Crypto.com and the results of its Proof-of-Reserves

Cryptocurrency exchange Crypto.com has announced the release of its Proof-of-Reserves i published the results.

The audit revealed that Crypto.com holds 102% of Bitcoin (BTC), USD Coin (USDC), and Shiba Inu (SHIB) and Decentraland (MANA). In contrast, the reserve ratio is 101% for Ethereum (ETH), Ripple (XRP), Dogecoin (DOGE), and Link. Only Tether (USDT) is 106% owned by the company.

As with Binance, the Crypto.com audit was conducted by Mazars Group, a leading international audit, tax and consulting firm employing more than 44,000 professionals in over 90 countries.

To conduct the PoR, advanced cryptographic procedures were used, which confirmed the availability and coverage of clients’ balances on the crypto platform.

Crypto.com: users and confirmation that their funds are supported by the platform

Thanks to Proof-of-Reserves, users can now use a dedicated website to verify that their cryptocurrency funds deposited on Crypto.com are supported by the platform.

In that sense, Chris MarszalekCEO of Crypto.com said:

“Providing revised proof of reserves is an important step for the entire industry in increasing transparency and beginning the process of restoring confidence. Crypto.com is fully committed to providing users around the world with a safe, secure and compliant way to work with digital currencies.”

Collapse of CRO and investor concerns

Right around the time of FTX’s collapse, the entire crypto market suffered price drop, but Cronos (CRO), Crypto.com’s cryptocurrency, fell nearly 45% that week.

The fact is that Crypto.com is a crypto exchange just like FTX, and investors apparently sold CRO out of fear that this exchange will also have liquidity problems.

And indeed, that same week, the stock market’s daily volume fell from last year’s highs of about $4 billion to about $284 million last October, while withdrawals continue to mount.

However, from that week until today, CRO’s situation has not recovered. At the time of writing, CRO is worth $0.06, down from $0.12 in early November.

Even Binance shows its certified proof of reserves with Bitcoin

Last week, the most popular crypto-exchange, Binance, too released the result of its Certified Proof-of-Reserves, which was also conducted by Mazars.

Basically, as of November 22, Binance had enough Bitcoins to cover all users’ balances on the exchange.

Further confirmation from the exchange, after launching its dedicated PoR website two weeks ago to reassure users.

However, unlike Crypto.com, Binance has so far only focused on BTC and has not disclosed how often it will publish its PoR audits that it conducts together with Mazars.

Mazars saves the trust of crypto-exchanges

Another cryptocurrency exchange that has chosen to use a Paris-based firm, Mazars, to conduct its PoR verification is KuCoin.

However, the results of the KuCoin asset collateralization review have not yet been published. They are probably still being processed and checked.


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