Crypto.com Publishes Proof of Reserves Following Solvency Scare

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To reassure customers that the assets housed on the platform are backed at a 1:1 ratio, Crypto.com, a prominent Singapore-based worldwide centralized exchange, has publicly posted its Proof of Reserves. The new “Proof of Reserves” revelation from Crypto.com comes at a time when investor comfort is required in the wake of the FTX meltdown.

The cryptocurrency exchange made its Proof of Reserves public through the publication of an article on its official website today. The portal guarantees users that the Proof of Reserves has undergone a rigorous assessment by Mazars Group, a leading international audit and accounting firm with over 42,000 professionals located in 90 countries, according to the report.

Crypto.com Rejuvenates Customer Confidence with Publication

https://t.co/vCNztABJoG releases Proof of Reserves audited results.

Mazars Group compared the assets held in on-chain addresses proven to be controlled by https://t.co/vCNztABJoG with customer balances through an auditor-overseen live query of a production database as of Dec 7. pic.twitter.com/sXgvIe4ZMV

— Crypto.com (@cryptocom) December 9, 2022

Shiba Inu and XRP, which have reserve ratios of 102% and 101%, respectively, are two of the nine largest assets held as client balances at the time Crypto.com released the reserve ratios. The fact that all assets are overcollateralized increases investor confidence. The complete list of assets and their reserve percentages consists of:

• Bitcoin (BTC), 102%
• Ethereum (ETH), 101%
• USD Coin (USDC), 102%
• Tether USD (USDT), 106%
• XRP (XRP), 101%
• Dogecoin (DOGE), 101%
• Shiba Inu (SHIB), 102% 
• Chainlink (LINK), 101%
• Decentraland (MANA), 101%.

The audit was conducted in accordance with ISRS 4400 standards, which required the use of effective cryptographic safeguards to confirm that the assets are indeed available and supported as stated by Crypto.com.

According to the report, Mazars Group employed the proper tools in its auditing exercise to compare the assets held by Crypto.com in its on-chain addresses to the total sum of client monies held by the exchange as customer balances. The procedure involved a query that was run at 00:00 UTC on December 7.