Crypto.com has more than 70 Million customers world-wide and is the industry leader in regulatory compliance, security and privacy certifications.
First Verify, Then Trust :Crypto.com
On Dec. 9 Crypto.com released Proof of Reserves audited results. The firm added that 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 Dec 7.
Crypto.com mentioned that It is now easy for its existing users to verify that it has a 1:1 reserve of all customer crypto assets deposited on its platform, and users can confirm the assets in their account are responsibly backed and accessible.
According to its official site, Crypto.com defines PoR or “Proof of Reserves, is a way to ensure that a platform holds enough assets to cover all of its client balances. It is conducted and certified by an independent auditor to ensure the integrity and the anonymity of the entire process. This auditor is able to identify and certify all balances held by the exchange’s clients and aggregate them into what is called a Merkle Tree.”
While Merkle Tree is an anonymized proof of client balances, created and maintained by the independent auditor. It allows anyone to cryptographically verify that the exchange holds their funds and that their account balances are included in the PoR.
It is now easy for the existing users of the firm to verify that Crypto.com has a 1:1 reserve of all customer crypto assets deposited on its platform. Users can confirm the assets in their account are responsibly backed and accessible, both for the Crypto.com App and Crypto.com Exchange. As an additional step towards full transparency, it has published its key wallet addresses and made its reserves easily verifiable.
The effort is an extension of the firm’s commitment to setting the highest standard for transparency and accountability, as mentioned in its recent announcement.
Kris Marszalek, CEO of Crypto.com said over the PoR release that “Providing audited Proof of Reserves is an important step for the entire industry to increase transparency and begin the process of restoring trust. Crypto.com is fully committed to providing customers around the world a safe, secure, and compliant means of engaging with digital currencies.”