Crypto.com CEO publicly shares alternate’s holdings as platform hits 70 million customers

Amid the liquidity crunch affecting the FTX cryptocurrency exchange, Crypto.com has printed its proof of reserves in what the platform phrases as selling transparency. 

Crypto.com introduced that an interim audit signifies that its reserves stand at approximately $2.9 billion, the alternate said in a weblog put up on November 11. 

In response to the alternate, a part of the reserves entails about 53,024 Bitcoins (BTC) and 391,564 Ethereum (ETH) whereas promising to publish full audited outcomes sooner or later. Notably, the corporate posted the reserves after hitting the 70 million users milestone. 

The variety of holdings was additionally confirmed by Crypto.com CEO Kris Marszalek in a tweet on November 11.

“This can be a essential second for the whole trade. Transparency is extra essential than ever, and the protection and safety of customers and their funds stay the precedence. It requires whole and collective dedication,” the alternate stated.

Different crypto exchanges to publish reserves

Beforehand, Marszalek had promised to publish the proof of reserves whereas difficult different cryptocurrency corporations to comply with swimsuit. 

“We share the idea that it must be mandatory for crypto platforms to publicly share proof of reserves and Crypto.com will probably be publishing our audited proof of reserves,” he stated in a tweet on November 10.

Initially, the world’s largest cryptocurrency alternate Binance published its proof of reserves within the wake of the FTX saga. In response to Binance, the alternate has reserves value $47 billion, together with 475,000 BTC, 4.eight million ETH, 17.6 billion, and USDT, 21.7 billion, amongst others. 

Binance’s choice to publish proof of reserves emerged after the alternate agreed to purchase out FTX. Nevertheless, Binance withdrew the deal citing causes past its management. 

It’s value noting that after FTX’s close to collapse, crypto exchanges, together with Gate.io, KuCoin, Poloniex, Bitget, Huobi, OKX, Deribit, and Bybit, said that they’d be conducting critiques to find out their whole worth of reserves.