Crypto.com Unveils Proof-of-Reserves Data Giving Full Client Asset Back

Crypto.com Releases Proof-of-Reserves Data

The study also includes Tether, XRP, Dogecoin, Shiba Inu, Chainlink's LINK, and Decentraland's MANA, all of which have reserves that are greater than 100%. The statement claims that the audit was carried out by the worldwide audit, tax, and accounting company Mazars Group and that the results are correct as of December 7.

Francine McKenna, lecturer in financial accounting at the Wharton School of the University of Pennsylvania, claims that the study is not a formal audit but rather a corresponding exercise based on the data provided by the customer about on-chain addresses of investments and a client data system of the customer account balance. The Crypto.com team stated that by disclosing its proof of reserves, it aims to demonstrate that it is a responsible steward of cryptocurrency customers' money and can be relied upon to handle any withdrawals.

Benefits of Launching the PoR Page

The proof-of-reserves section on Crypto.com also offers a way for customers to conduct their audit of the exchange's reserves since some users might not believe the exchange's declaration of its assets and liabilities. The application enables users to log in and check the assets they had at the time the audit was conducted and copy the Merkle hash created from the balances.