By George Ward
According to a Reserve Evidence document released by the CEO, Shiba Inu is the second largest crypto reserve held by any known exchange. This is a considerable amount.
The company decided to disclose the details of the tokens in its cold wallets as it has already started verifying and calculating the funds on its platform. Crypto.com says the funds in the cold wallet represent a relatively small portion of the company’s total equity.
The total value of more than four digital assets in the cold wallet is $3 billion. Others are actively considering ways to improve some of their businesses due to the current liquidity issues various crypto platforms face.
For this reason, the Bitcoin exchange Crypto.com has published a proof of reserve. This is a very deliberate attempt to put their best foot forward.
The disappearance of the FTX exchange, which went from the second most valuable exchange to bankruptcy, has increased the desire to open cryptocurrency exchanges. Oracle’s Chainlink blockchain platform has introduced a mechanism called “Reserve Proof” to accurately keep tabs on reserve assets. In addition, it offers user transparency because its audits are automated.
Shiba Inu (SHIB) is the second largest stock, according to a Crypto.com stock testing panel provided by Kris Marszalek, the company’s founder, and CEO. The exchange has over $2 billion in total reserves. It currently holds nearly $570 million of this reserve in SHIB.
More than 30% of the portfolio consists of its largest holding, Bitcoin, valued at nearly $900 million. Ethereum, valued at over $500 million, comes third in terms of allocation. Nearly 18% of these reserves are in Ethereum. Additionally, over 5% of their allocation is split between USDC and USDT stablecoins.
Releasing A Fully Audited Statement Of Reserves
According to a tweet from Kris Marszalek, that’s just part of his reservations. Crypto.com will provide a report of the complete audit of its Proof of Reserves in the coming weeks. In addition, it strives to maintain its status as a secure platform and operates in an environment of complete transparency.
According to Crypto.com, getting users to trust exchanges will be very difficult, but they will strive to make it happen. The company claimed it is one of the few companies that market traders could work with without fear of trouble.
Cronos (CRO), Crypto.com’s native token, has been up nearly 9.32% over the past day. It is currently trading at $0.0666.
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