The chief executive of a prominent crypto exchange is revealing some of the platform’s reserve assets in a first step towards transparency.
Crypto.com CEO Kris Marszalek says that investors can expect the crypto exchange to remain safe and transparent while announcing a full audit that would prove Crypto.com has the 1:1 ratio of reserve assets it claims it has.
To start, Marszalek is sharing the exchange’s cold wallet addresses.
“While the proof of reserves audit preparation is underway, we are sharing our cold wallet addresses for some of the top assets on our platform. This represents only a portion of our reserves: about 53,024 BTC, 391,564 ETH, and combined with other assets for a total of $3 billion.
Please expect a full audited proof of reserves from us in the next couple of weeks, confirming the full 1:1 reserve of all customer assets. You can expect Crypto.com to continue working in [the] spirit of full transparency and remain the steady hand and a safe, secure platform.”
According to recent data from blockchain analytics platform Nansen, Crypto.com’s cold wallet portfolio has about $2.80 billion worth of assets, 31.54% of which is comprised of Bitcoin (BTC), the leading digital asset by market cap.
Other notable crypto assets include meme token Shiba Inu (SHIB), which makes up 20.08% of the total and leading smart contract platform Ethereum (ETH), which accounts for 17.35% of the portfolio.
Stablecoins Tether (USDT) and USD Coin (USDC) come in at 5.41% and 5.36%, respectively, while other altcoins make up 20.26% of the assets in the exchange’s cold wallets.
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The post Crypto.com Reveals $2,800,000,000 in Bitcoin and Altcoin Reserves in Bid for Transparency appeared first on The Daily Hodl.