Crypto.com Shows Proof of Reserves for Wallets: ~20% in Shiba Inu

Crypto.com reveals its assets as fallout from the FTX crash brings a new level of transparency to exchanges in the industry.

Benjamin

• Updated: Friday, November 11, 2022, 19:45

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CEO Publishes Cold Wallet Addresses

The CEO of Crypto.com, Kris Marszalek, released the first Proof of Reserves (PoR) dashboard showing how the company’s nearly $3 billion in assets are allocated.

In a move toward full transparency, the CEO tweeted the list of cold wallet storage on Nov. 11. Crypto.com holds a healthy one-third of its reserves in Bitcoin, roughly 31%, according to the new dashboard of PoR put together with Nansen AI.

The shocking revelation is that 19.83% of the reserves, the second-most, are held in the meme coin Shiba Inu. Ethereum reserves come in below Shiba Inu at just 17%.

The Shiba Inu holdings are startling but also show that the hype for the token is real. The faith in Shiba Inu is still strong amongst users of Crypto.com;.

Crypto.com confirmed that a fully audited PoR will be coming in the near future, which should shed more light on the health of the reserves. On the back of the FTX fiasco, customers and users should welcome this transparency from major exchanges.

The lesson from FTX is that no exchange is safe and that users should hold all exchange’s feet to the proverbial fire. For now, it appears that Crypto.com welcomes the scrutiny.

What is Crypto.com:

Crypto.com is a cryptocurrency exchange that started operating in 2016. It has extended its reach to over 10 million users within 5 years. The platform was founded by Bobby Bao, Gary Or, Kris Marszalek, and Rafael Melo, with its headquarters in Hong Kong. In addition to the cryptocurrency application, the platform also runs the Crypto.com Visa card, one of the world’s largest cryptocurrency card programs, the exchange, and a DeFi wallet. The exchange operates across 3 continents, the Americas, Europe, and Asia.

For more information about the project:

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This article was originally published on: Nov 11, 2022 at 07:45 PM

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