While releasing a proof of reserves study, Crypto.com said it used international audit, tax, and advisory firm Mazars to demonstrate using advanced cryptographic procedures and the availability and backing of customer balances.
It established that the percentage of reserve ratios for each asset class BTC, ETH, USDC, USDT, XRP, DOGE, SHIB, LINK, and MANA range from 101% – 106%. The report offers Crypto.com’s customers additional transparency and reassurance that their In-Scoop Assets are fully reserved. They exist on the blockchains and are under the control of the platform.
Crypto.com tweeted that Mazars Group compared the assets held in on-chain addresses proven to be controlled by the digital assets exchange with customer balances through an auditor-overseen live query of a production database as of December 7. Crypto.com believes it’s now easy for their existing users to verify that the platform has a 1:1 reserve of all customer crypto assets deposited on the platform. Users can verify the assets in their accounts are responsibly backed and accessible for Crypto.com App and Crypto.com exchange.
The platform highlighted that the move was to set the highest standard for transparency and accountability. Several crypto exchanges, including Crypto.com and Binance, are trying to reassure customers that funds are safe following the collapse of FTX. But Crypto.com is a popular platform and offers clients a Visa debit card to spend on cryptocurrencies. Blockchain analysis firm Nansen showed that the platform was holding 20% of its reserves last month in the meme coin Shiba Inu.