CoinMarketCap is a leader in tracking the current prices and circulating supply of existing cryptocurrencies. After the bankruptcy of FTX, it became clear that crypto exchanges should be able to provide reserve evidence. CoinMarketCap then thought of developing a new tool that will be very useful to users.
A tool to monitor platform reserves
CoinMarketCap presented this November 22 on Twitter the new feature it offers to crypto users. This is a tool that will allow them to carry out real-time monitoring of proof of reserve (PoR). Users will thus be able to know what the real state of the reserves of each cryptocurrency exchange is.
The feature will display total assets as well as public wallet addresses. It will also allow to have a view of the balance, price and value of wallets which are displayed.
This different information will be updated every 5 minutes on the CoinMarketCap platform. The functionality will provide reassurance regarding transparency on the liquidity of a crypto exchange at a given time.
CoinMarketCap receives support from the crypto community
CoinMarketCap’s Proof of Reserve (PoR) tracker has been called a “great transparency additionby members of the crypto community. Binance CEO Changpeng Zhao did not feel free to retweet the publication of CoinMarketCap. In his publication, he inserted a link that leads to the Binance data page.
CoinMarketCap had illustrated his remarks by giving the example of the exchange. He said: “Look at this example PoR data shown for the Binance exchange: https://coinmarketcap.com/exchanges/binance “. It appears that the crypto exchange has over $66 billion in assets across all of its wallet addresses combined.
Other crypto exchanges that have a PoR data page on CoinMarketCap are: Crypto.com, KuCoin, Huobi, Bitfinex, Bybit, and OKX. Note that after the bankruptcy of FTX, the Binance exchange was the first to promise to make reserve evidence available to the public.
More and more crypto exchanges are publishing their reserve proofs, for guaranteed transparency. Among the well-known companies that seem unwilling to follow suit is crypto investment fund Grayscale. Indeed, the latter has just sent a letter stating that his crypto funds are completely safe.
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