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Crypto.com Proof of Funds is published and we found a surprising stat

Crypto

TL;DR Breakdown

  • crypto.com published proof of reserve funds
  • The exchange wants to be transparent to its users
  • Crypto.com holds more SHIB than ETH

Crypto exchange Crypto.com has released a statement stating the number of digital assets that the company holds. According to the statement, the exchange acknowledged the situation of the market coming off the back of the fall of FTX. The exchange also mentioned the need for transparency in its dealings while noting that the safety of users’ funds and digital asset has always been its priority. However, the company noted that things like these needs total commitment from both them and the users.

The exchange wants to be transparent about its funds

According to Crypto.com, the first sole responsibility of crypto exchanges is to ensure that they can hold users’ funds by sharing their Proof of Reserves publicly. The exchange mentioned that works are in place to ensure that its auditors are always on hand to check and publish the records of its reserves.

With the company already kickstarting the process of reviewing and calculating the funds on its platform, it has decided to share the details of the tokens in its cold wallets. According to the firm, the figures in the cold wallet are just a small part of the company’s entire fund. The entire worth of the cold wallet is a collective $3 billion comprising more than four digital assets.

Crypto.com publishes cold wallet assets

Crypto.com cites that making users trust exchanges is something that will be very hard henceforth but they will try to make it achievable. The firm also positioned that there are one of the few firms that traders in the market can be sure of having no issues with when they carry out their activities. Although the company expects to release a comprehensive list of its full assets in the coming weeks, it has already published its cold wallet storage balance.

According to the update, the exchange has a total balance of $2.8 billion worth of digital assets in its confines. Ethereum and Bitcoin represent the highest portion of the balance with both taking up about 66% and 31% of the total assets respectively. Following closely are BNB and Polygon tokens with 1.41% and 0.46%. The highlight of the portfolio is that Crypto.com holds more Shiba Inu tokens compared to Ethereum tokens.

A representative of Crypto.com messaged us their response as a clarification of the issue.

The reason our Proof of Reserves includes Shiba is because we hold customers’ balances 1:1. Thus, our Proof of Reserves are dictated by our customer holdings. Basically, Proof of Reserve does not mean that Crypto.com or any exchange for that matter stores whatever token just for the sake of it. It’s a representation of user funds; if they didnt have any Shiba Inu that would categorically be against their service to users.

Crypto.com
Owotunse Adebayo

Owotunse Adebayo

Adebayo loves to keep tab of exciting projects in the blockchain space. He is a seasoned writer who has written tons of articles about cryptocurrencies and blockchain.

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