Crypto.com has released proof-of-reserves data showing that their assets are fully supported.
The review of the assets of the cryptocurrency exchange was carried out by the audit firm Mazars.
Crypto.com Announces Its Reserves
The cryptocurrency exchange has released proof-of-reserves data revealing that client assets are supported one-on-one.
This move of the exchange comes after Binance published a report proving its reserves.
Audit firm Mazars compared assets held at on-chain addresses on Crypto.com with client assets on Dec.
It should be noted, however, that the report prepared is not an official audit.
Francine McKenna, a mission accountant at the University of Pennsylvania, was skeptical of the report:
“It is not surprising since the auditing firm is a partner with the stock market. No better than the Binance report”
Crypto.com CEO Kris Marszalek said:
“Introducing the Proof-of-Reserve is an important step for the entire industry to increase transparency and start the process of rebuilding trust”
Centralized cryptocurrency exchanges have faced greater pressure than ever after the collapse of FTX. Companies are doing more to restore credibility and transparency.
