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Cryptocurrency platform Crypto.com presented proof of user asset reserves - Mazars specialists compared client balances and funds in exchange wallets.
The report highlights that the volume of cryptocurrencieson Crypto.com wallets even exceeds the total number of coins on user balances. Thus, the volume of reserves for ether is 101%, and USDT stablecoins are stored 6% more than necessary. The platform has created a special page on which each user can verify the availability of the necessary reserve.
“Confirmation of reserves, especially those carried outby a third-party audit firm is an important step for the entire industry. This increases transparency and becomes the foundation for restoring trust in the cryptocurrency industry,” said the site’s CEO, Kris Maszalek.
Previously, the company reported that it invested in the collapsed FTX exchange, but the volume of investments was insignificant - about $10 million. Therefore, the collapse of FTX will not have an impact on the business of Crypto.com.
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