Crypto.com is the latest platform to partially publish its Proof of Reserve amid the collapse of rival platform FTX.

As fears of an FTX meltdown pandemic spread, company CEO Chris shared links to a Nansen dashboard showing more than $2 billion in reserves, demonstrating his eagerness to remain transparent in the industry.

While the full proof of reserve audit is in progress, they said they are sharing cold wallet addresses for some key assets on the Crypto.com platform.

Crypto.com reserves:

According to data shared on Nansen, Bitcoin accounts for 30.67% of total reserves, while Ethereum accounts for 17.32%.

Another 19.77% of reserves are held in the DOGE-inspired cryptocurrency SHIB.

11.99% of reserves are held in stable currencies such as USDC and USDT.

Tell Chris:

This represents only a portion of our reserves:

About 53,024 Bitcoin, 391,564 Ethereum, plus other assets worth approximately $3.0 billion

Proof of Reserve:

The “proof of reserve” action comes after CZ, Binance’s CEO, touched on the issue of cryptocurrency exchanges using fractional reserves like traditional banks.

Instead, he suggested using a Merkle tree proof of reserves to maintain transparency.

A Merkle tree, in fact, refers to a data structure authenticated by cryptographic methods.

Presumably, the reserve evidence detection method represents an audit trail that cannot be reversed.

Crypto.com’s CRO price fell sharply after Chris announced in a statement the partial disclosure of Crypto.com’s platform reserves.

Currently, CRO is trading at $0.08, up 12.6% in the last 24 hours.

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