Crypto.com Shares Its Reserves: Which Altcoins Dominate

Crypto.com has published a proof of reserves that it claims allows users to verify that their assets are fully supported.

Crypto.com Announces All Assets Are Fully Supported

The transaction was conducted by Mazars Group and compared customer balances with assets held at an on-chain address proven to be controlled by Crypto.com. Reserve rates range from 101% for Ethereum to 106% for USDT.

https://t.co/vCNztABJoG releases Proof of Reserves audited results.

Mazars Group compared the assets held in on-chain addresses proven to be controlled by https://t.co/vCNztABJoG with customer balances through an auditor-overseen live query of a production database as of Dec 7. pic.twitter.com/sXgvIe4ZMV

— Crypto.com (@cryptocom) December 9, 2022

The exchange will allow users to self-verify funds by visiting a web page.

“Providing Audited Evidence of Reserves is an important step for the entire industry to increase transparency and begin the process of restoring trust,” CEO Kris Marszalek said in a statement.

The company first announced last month that it would conduct an external verification process when it reported that it had exposed nearly $10 million to the crashed FTX exchange.

In a letter about the study, Mazars stated that the report did not constitute a formal audit and said it was a Mutually Agreed Procedures study, which involved performing procedures agreed with Crypto.com and reporting the findings.

In his statement on the subject, Mazars said:

“We are not expressing an opinion or assurance conclusion. If we had implemented additional procedures, other matters to report might have come to our attention.”

An issue that has previously caused controversy about its reserves. cryptocurrency The ratio of funds of Crypto.com, which is a stock exchange, to the funds deposited by users is explained as follows:

BTC: 102%

ETH: 101%

USDC: 102%

USDT: 106%

XRP: 101%

DOGE: 101%

SHIB: 102%

LINK: 101%

MEANING: 102%

*Not investment advice.