Cryptocurrency exchange Crypto.com has become the latest platform to partially publish Proof of Reserve amid the collapse of rival platform FTX.

As fear spreads of an FTX collapse contagion, Chris, the company’s CEO, shared links to a Nansen dashboard that showed more than $2 billion in reserves, demonstrating his eagerness to remain transparent in the industry.

He stated that while a full proof-of-reserve audit was in progress, he would be sharing cold wallet addresses for some important assets on the Crypto.com platform.

Crypto.com reserves:

According to data shared on Nansen, Bitcoin accounts for 30.67% of the total reserves, while Ethereum accounts for 17.32%.

Another 19.77% of the reserve is held in the DOGE-inspired SHIB cryptocurrency.

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While 11.99% of the reserve is held in stablecoins such as USDC and USDT.

Tell Chris:

This is only part of our reserves:

About 53,024 BTC, 391,564 Ethereum, plus other assets totaling approximately $3.0 billion.

Proof of reserve:

The Proof of Reserve action comes after CZ, the CEO of Binance, raised the issue of cryptocurrency exchanges using fractional reserves like traditional banks.

Instead, he suggested using “Merkle Tree Proof of Reserves” in order to maintain transparency.

The Merkle tree, in fact, refers to a data structure authenticated by cryptographic means.

It is assumed that the Proof of Reserve detection method is an audit trail that cannot be tampered with.

Crypto.com’s CRO price fell sharply after Chris announced in a statement the partial disclosure of Crypto.com’s platform reserves.

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Currently, the CRO is trading at $0.08, down 12.6% in the last 24 hours.

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