According to a new page on Crypto.com’s website, they have released proof of reserves showing the exchange has over 100% of its Bitcoin, Ethereum, USDT, USDC, XRP, DOGE, SHIB and many more customer assets in reserves available for withdrawal, that was completed by the international tax and accounting company Mazars Group on December 7th, 2022.
The crypto investment world was sent into shock when the popular FTX cryptocurrency exchange collapsed, causing billions of dollars of customer funds to be wiped out, leaving heightened anxiety levels amongst all.
Transparency is a massive first step in the process of restoring the trust that cryptocurrency investors demand, and to that effect Crypto.com CEO Kris Marszalek said:
“Providing audited Proof of Reserves is an important step for the entire industry to increase transparency and begin the process of restoring trust…. Crypto.com is fully committed to providing customers around the world a safe, secure, and compliant means of engaging with digital currencies.”Kris Marszalek, CEO – Crypto.com
What’s really impressive is the team was able to get a Merkle Tree proof of reserve page up and running for users to check for themselves that the reserves are there.
To do so, users can simply login to the app, verify the tokens they had when the audit was complete, and copy the Merkle hash from these balances. Once users have their hash, they can then visit the open-source Mazars Group audit page to verify their assets are part of the larger Merkle Tree audit liability results.