Crypto.com digital asset exchange today released a proof of reserves study to support its ability to cover client balances.
In a statement Friday, the Singapore-based platform He said It used Mazars International Audit, Tax and Consultancy to prove, using Advanced Cryptographic Procedures, the availability and backing of customer credits.
Mazars released Crypto.com study on Friday. Earlier this week, Mazars too He said Binance, the world’s largest cryptocurrency exchange, has enough Bitcoin to cover customer deposits.
“It is now easy for our existing users to verify that Crypto.com has a 1:1 reserve of all customers’ crypto assets deposited on its platform, and users can confirm that the assets in their accounts are responsibly backed and available, both for the crypto.com app and Crypto.com Exchange,” Crypto.com said on Friday.
She added that the move aims to define “the highest standards of transparency and accountability”. Cryptocurrency exchanges such as Crypto.com and Binance are trying to reassure customers that funds are safe after FTX’s massive downfall last month.
FTX, which was once one of the largest and most popular exchanges, completely collapsed After it was found that the customer’s balance is not secure.
The Bahamas-based exchange allegedly used client funds to undertake risky investment ventures through Alameda Research — a trading firm also founded by former FTX head Sam Bankman-Fried.
Crypto.com is a popular exchange but they also offer customers a Visa debit card for spending cryptocurrencies.
Last month, data from blockchain analytics firm Nansen show up The platform has kept 20% of its reserves in a highly speculative Shiba Inu “meme coin,” though it is likely that this amount reflects customer deposits rather than the company’s own coffers.
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