Home » CoinMarketCap launches proof-of-reserve tracker for crypto exchanges

CoinMarketCap launches proof-of-reserve tracker for crypto exchanges

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CoinMarketCap, a leading market researcher and tracker in the cryptocurrency industry, has announced the launch of a new feature for its platform that provides users with the latest financial information about the exchange.

of Proof of Reserve (PoR) Tracker audits industry-active cryptocurrency exchanges for liquidity transparency at a given point in time. According to the announcement, the tracker details the company’s total assets, associated public wallet addresses, balances, current prices, and wallet values.

CoinMarketCap reports that PoR trackers update data every 5 minutes. The company tweeted a guide for users on how to operate the tool on Nov. 22.

A five-part Twitter thread cites Binance as the first example, listing wallet addresses totaling over $65 billion. Additional exchanges with PoR information available include KuCoin, Bitfinex, OKX, Bybit, Crypto.com, and Huobi.

Changpeng “CZ” Zhao, CEO and Co-Founder of Binance retweeted Developed from CoinMarketCap with link to Binance page. Some of the crypto community on Twitter called This feature is characterized by “adding great transparency”.

CZ is among those who made the first promise To provide reserve evidence following the ongoing FTX liquidity and bankruptcy crisis.

November 10th, We have published the proof of assets, which contained wallet addresses and activities. CZ then said that what is currently available is markle tree PoR in the near future.

Related: Binance replenishes SAFU fund with $1 billion amid price volatility

Following Binance’s example, many other platforms in this space have started publishing information on their financial reserves and liquidity to ensure transparency. chainlink lab, bitfinex and Bybit was in it some of the first people with your own data.

However, Grayscale, a servicer of cryptocurrency investment products, Withheld on-chain PoR Because of security concerns. It released a letter from Coinbase Custody certifying that the cryptocurrencies held by Grayscale are fully backed, but withheld the wallet address.