Exchange NewsIt is now possible for consumers to confirm that their crypto assets are completely backed (1:1) on Crypto.com’s platform, which is trusted by more than 70 million clients worldwide and is the market leader in regulatory compliance, security, and privacy certifications.
Mazars Group, a well-known global audit, tax, and consultancy organization with more than 44,000 experts working in more than 90 countries, carried out the verification. Advanced cryptographic techniques were employed in this independent third-party audited report, prepared in accordance with ISRS 4400 as outlined by the International Auditing and Assurance Standards Board (IAASB), to validate the availability and backing of customers’ balances.
Through an auditor-monitored live query of a production database as of December 7, 2022, 00:00:00 UTC, Mazars Group compared the assets stored in on-chain addresses that were confirmed to be owned by Crypto.com with client balances. The following are the outcomes of the reserve ratio of important assets:
Our current consumers can now easily verify that Crypto.com has a 1:1 reserve of all client cryptocurrency assets put on its platform and that the assets in their account are properly backed and accessible, both for the Crypto.com App and Crypto.com Exchange. This endeavor is a continuation of dedication toward establishing the greatest level of accountability and openness.
“Providing audited Proof of Reserves is an important step for the entire industry to increase transparency and begin the process of restoring trust,” said Kris Marszalek, CEO of Crypto.com. “Crypto.com is fully committed to providing customers around the world a safe, secure, and compliant means of engaging with digital currencies.”
Visit crypto.com/proof-of-reserves to see the Proof of Reserves page and learn more about the audit and self-verification of funds.
Source: https://thenewscrypto.com/crypto-com-releases-proof-of-reserves-attested-by-mazars-group/