Crypto.com Releases Audited Proof of Reserves to Restore Customer Trust

Cryptocurrency exchange platform Crypto.com has released its audited Proof of Reserves (PoR) to restore customer trust in the crypto industry, enabling them to verify that their crypto assets are fully backed (1:1) on the platform.

The PoR audited by the third party Mazars Group, a leading international audit, tax, and advisory firm, can confirm the availability and backing of its customer balances, the crypto firm explained.

Mazars Group compared the assets held in on-chain addresses proven to be controlled by Crypto.com with customer balances through an auditor-overseen live query of a production database as of December 7, 2022, 00:00:00 UTC.

The results of reserve ratio of major assets were as follows:

• BTC (Reserve Ratio: 102%)

• ETH (Reserve Ratio: 101%)

• USDC (Reserve Ratio: 102%)

• USDT (Reserve Ratio: 106%)

• XRP (Reserve Ratio: 101%)

• DOGE (Reserve Ratio: 101%)

• SHIB (Reserve Ratio: 102%)

• LINK (Reserve Ratio: 101%)

• MANA (Reserve Ratio: 102%)

Kris Marszalek, CEO of Crypto.com, said: "Providing audited Proof of Reserves is an important step for the entire industry to increase transparency and begin the process of restoring trust."

Last month, the crypto platform published the cold wallet addresses​ for some of the largest assets on its platform to improve the transparency of its businesses. Also, other crypto exchanges including Bitget and Binance joined the firms releasing their PoR for crypto assets.