Crypto.com, a cryptocurrency trading business that has lately come in for criticism for not being totally upfront with its consumers, has now posted their proof of reserve statements online. With the help of this new statement, users of crypto.com were able to independently verify all of their assets before adding them to the platform’s directory.
Crypto.com has made sure that the platform has adequate assets in the form of liabilities while also disclosing the audited proof of the Reserve statement to all of its customers. On the platform’s help website, the corporation highlighted this example of Ages treatment.
An worldwide accounting audit and taxation agency, Mazars Group, conducted the process of auditing the proof of reserves of crypto.com. After the collapse of cryptocurrency trading platform FTX last month, crypto.com suddenly suspended the withdrawal requests of Crypto assets on the Solana network. Concerns about the structure and stability of Crypto.com have been raised in the cryptocurrency community as a result of the problem with halting the withdrawal request at that website.
The team at Crypto.com has reassured all of its users that the cryptocurrency exchange platform is maintaining all assets and carrying equal liability for all assets on the platform after publishing the proof of reserves statement. This assures users that the platform is a reliable place to submit withdrawal requests from cryptocurrency users.
The CEO of Crypto.com, Kris Marszalek, stated that the company is fully committed to all of its users at crypto.com and that it is providing a safe, secure, and compliant means at its platform for all digital transactions on its cryptocurrency exchange platform crypto.com. This was done after publishing the proof of Reserve statement.
What does Proof of Reserves mean?
Proof of reserves (PoR) is a technique for confirming that a trading platform or cryptocurrency company actually has 1:1 backing across the digital assets it is keeping in custody on behalf of its clients.
How does Proof of Reserves Work?
To provide clear “evidence” that the cryptocurrency firm has sufficient assets to satisfy its liabilities at all times, a third-party auditor compiles a snapshot of all the company’s balances.
How many months of reserves should I have?
The standard reserve requirement for owner-occupied homes is two months, but a lender may request up to six months. The amount of reserves needed for the purchase of a second house or vacation property may range from two to four months, but it may be more.