CRO
by BSCN
November 13, 2022
Crypto.com reveals its assets as fallout from the FTX crash brings a new level of transparency to exchanges in the industry.
The CEO of Crypto.com, Kris Marszalek, released the first Proof of Reserves (PoR) dashboard showing how the company’s nearly $3 billion in assets are allocated.
In a move toward full transparency, the CEO tweeted the list of cold wallet storage on Nov. 11. Crypto.com holds a healthy one-third of its reserves in Bitcoin, roughly 31%, according to the new dashboard of PoR put together with Nansen AI.
The shocking revelation is that 19.83% of the reserves, the second-most, are held in the meme coin Shiba Inu. Ethereum reserves come in below Shiba Inu at just 17%.
The Shiba Inu holdings are startling but also show that the hype for the token is real. The faith in Shiba Inu is still strong amongst users of Crypto.com;.
Crypto.com confirmed that a fully audited PoR will be coming in the near future, which should shed more light on the health of the reserves. On the back of the FTX fiasco, customers and users should welcome this transparency from major exchanges.
The lesson from FTX is that no exchange is safe and that users should hold all exchange’s feet to the proverbial fire. For now, it appears that Crypto.com welcomes the scrutiny.
Crypto.com is a cryptocurrency exchange that started operating in 2016. It has extended its reach to over 10 million users within 5 years. The platform was founded by Bobby Bao, Gary Or, Kris Marszalek, and Rafael Melo, with its headquarters in Hong Kong. In addition to the cryptocurrency application, the platform also runs the Crypto.com Visa card, one of the world’s largest cryptocurrency card programs, the exchange, and a DeFi wallet. The exchange operates across 3 continents, the Americas, Europe, and Asia.
For more information about the project:
Website | Twitter | Medium | Linkedin | Discord | Telegram | Reddit | Kakao |
Latest News
6h : 5m ago
Visa Introduces Tokenized Asset Platform for Fiat-Backed Tokens
6h : 35m ago
Lamborghini to Unveil Web3 Platform "Fast ForWorld" With Animoca Brands
13h : 5m ago
Crypto Losses in 2024 Soar to $2.11 Billion, Surpassing 2023’s Annual Total: Report
14h : 20m ago
Aptos Blockchain Welcomes Franklin Templeton's Tokenized U.S. Government Fund
October 2, 2024
Bitwise Files for First-Ever XRP ETF with the SEC: What You Need to Know
October 2, 2024
FTX Hearing Set for October 7: Key Details on the Payout Process
October 2, 2024
Hedera's $HBAR Gains US Institutional Access with Launch of Canary Trust
October 2, 2024
Binance Secures Regulatory Approval in Argentina, Offering Full Crypto Services to Local Users