In response to the increasing call for transparency, CoinMarketCap, the world’s most-referenced crypto price-tracking website, has launched a proof-of-reserve feature for centralized crypto exchanges.
CoinMarketCap nodes to proof of reserves
The infamous implosion of FTX, one of the world’s biggest crypto exchanges, brewed distrust in investors for centralized exchanges (CEXs). To win back the trust of users, CEXs began launching proof of fund reserves.
To foster trust in the crypto industry through transparency, CoinMarketCap, a leading market researcher and tracker in the crypto industry, has launched a proof-of-reserve tracker for exchanges.
CoinMarketCap launches proof of reserve tracker for exchanges
The new feature introduced by CoinMarketCap will give users updated financial insights on exchanges. The tracker will audit active crypto exchanges for transparency on liquidity at a given moment.
According to CoinMarketCap, the tracker will update every five minutes. It will display info about an exchange’s total assets, affiliated public wallet addresses, address balances, as well as the current price and values of the wallets.
CoinMarketCap took to Twitter to share its update on Binance, revealing over $65 billion on its public addresses. CoinMarketCap’s PoR information is also available for Bitfinex, ByBit, Crypto.com, Deribit, KuCoin, Huobi, and OKX.
On the Flipside
- Despite the concerns in the crypto industry, Grayscale has refused to share its proof of trust reserves, with the company citing security concerns.
Why You Should Care
The PoR tracker has been welcomed by the crypto community, with Changpeng Zhao, the CEO of Binance, calling it a great transparency addition.
Read more on PoR below:
Binance Publishes Proof of Reserves Disclosing $69 Billion in Assets
Read about Grayscale’s decision in:
Grayscale refuses to share proof of trust reserves, cites security concerns