Crypto exchange Bitso announced that it has set its transparency roadmap in the wake of the FTX crisis.
FTX filed for protection in the United States earlier this month after investors pulled $6 billion from the platform within three days and rival exchange Binance abandoned a bailout deal. The filing for bankruptcy has negatively affected many crypto companies. It has also driven crypto exchanges into a trend towards transparency. Bitso was also one of those who took steps regarding transparency.
Bitso Takes New Steps for Transparency
Bitso’s Chief Editor Felipe VallejoBitso, which operates in Mexico, Brazil, Colombia and Argentina, will publish a solvency report in less than a month and is in the process of selecting an external partner to perform an audit, Reuters told Reuters.
The exchange recently joined a group of international firms working in the crypto industry to create an easy-to-understand report so users can decide for themselves whether the firms have the funds to support their transactions.
The statement made by Bitso also included the following:
“The evidence of funds published by some companies is insufficient as they only show assets and do not reflect how much crypto or currency they owe their users”
