Cryptocurrency exchange, Crypto.com, has released its Proof of Reserves, stating it will enable users to verify their assets are fully backed. Mazars Group confirmed the audited results.
Announcing this in a Twitter post, Crypto.com stated it is now easy for users to verify that the exchange has a 1:1 reserve of all customer crypto assets deposited on the platform. They can now confirm that their accounts' assets are responsibly backed and accessible.
Mazars Group, a leading international audit, tax, and advisory firm, conducted the verification. The firm audited the reports performed under ISRS 4400 as described by the International Auditing and Assurance Standards Board (IAASB).
Also, it employed advanced cryptographic procedures to confirm the availability and backing of customers’ balances. Mazars Group compared the assets held in on-chain addresses confirmed to be controlled by Crpto.com with customer balances through an auditor-overseen live query of a production database.
The reserve ratios for the different coins ranged from 101% for Ethereum to 106% for USDT.
According to a statement by Crypto.com CEO, Kris Marszalek,
“Providing audited Proof of Reserves is an important step for the entire industry to increase transparency and begin the process of restoring trust. Crypto.com is fully committed to providing customers around the world a safe, secure, and compliant means of engaging with digital currencies.”
The exchange stated this move is a sign of their commitment to setting the highest standard for accountability and transparency. Crypto.com also provided a webpage that users can visit to verify their funds themselves.
Crypto.com announced it would conduct this external examination last month. This was after it opened up about its $10 million tied to FTX after its collapse.
