Crypto.com Releases Proof-of-Reserves Data Showing Client Assets Are Fully Backed
Introduction
Cryptocurrency exchange Crypto.com has published its proof-of-reserves audit data, showing all assets listed on the company’s balance sheet are backed 100% by client assets. The company’s assets, liabilities and equity are backed by US dollars and cryptocurrencies. Debt, including loans and credit balance, is backed by US dollars only, Crypto.com said.
Cryptocurrency exchange Crypto.com announced on Monday the release of its proof-of-reserves audit data, which shows all assets listed on the company’s balance sheet are backed 100% by client assets.
Cryptocurrency exchange Crypto.com announced on Monday the release of its proof-of-reserves audit data, which shows all assets listed on the company’s balance sheet are backed 100% by client assets. The Hong Kong-based exchange is a subsidiary of Binance and is not a centralized exchange. It uses the MCO token for trading, which can be converted into Binance’s BNB coin through a one-for-one swap on both platforms.
Crypto.com plans to launch its own blockchain network in 2020, but in order to keep up with regulatory requirements while it works towards this goal, the company has decided to publish monthly audits showing all client funds are fully backed at all times via collateralized reserves that can be verified using third party auditors like Bitfinex or Ledger Labs.”
The company’s assets, liabilities and equity are backed by US dollars and cryptocurrencies. Debt, including loans and credit balance, is backed by US dollars only, Crypto.com said.
Crypto.com, a cryptocurrency exchange, has released proof-of-reserves data showing its client assets are fully backed by US dollars and cryptocurrencies.
The company’s assets, liabilities and equity are backed by US dollars and cryptocurrencies alike. Debt, including loans and credit balance, is backed by US dollars only, Crypto.com said in an announcement on Tuesday.
Crypto.com maintains full reserves for all cryptocurrency balances.
Crypto.com maintains full reserves for all cryptocurrency balances, and there are no limitations on withdrawing or depositing crypto assets.
Conclusion
Crypto.com said it will continue to update its proof-of-reserves audit data on a regular basis and publish the results on its website.
