Crypto.com assets balance

Crypto.com to Disclose a List of Major Asset Balances

11.11.2022 13:21 (Updated 11.11.2022 13:11)
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by Irene Pinchuk
2 min read

Kris Marszalek, CEO of Crypto.com, announced in a tweet that the popular crypto exchange will make public all balances and cold wallet addresses for major assets within the next 24 hours.

The aim is to demonstrate full transparency in light of the much-publicized recent events concerning another crypto exchange, FTX. To remind readers, FTX’s downfall was spurred precisely by a lack of transparency, when it was revealed that most of its assets weren’t backed by fiat currency or any other cryptos apart from FTX’s own token, FTT. Certainly, investors need this kind of information before putting their trust in any exchange.

The possible bankruptcy of FTX has had another effect on Crypto.com. Namely, the exchange has suspended deposits and withdrawals of stablecoins USDT and USDC on the Solana network, whose total liquidity is mostly in the hands of FTX and its sister-company Alameda Research.

According to another tweet posted by Kris Marszalek, Crypto.com doesn’t want to endanger its users, as FTX’s well-being is a key factor when it comes to Solana-based stablecoins.

Kris Marszalek, Crypto.com CEO

Crypto.com’s bid to demonstrate transparency echoes that of Binance. Yesterday, the largest exchange disclosed its holdings, revealing that it possesses, among other coins, Bitcoin (worth some $7.8 billion), Ether ($5.57 billion), USDT ($17.4 billion), and USDC ($607 million). In total, the value of these reserves amounts to some $69 billion.

Additionally, Binance is also set to make public a Merkle tree proof-of-funds. Merkle trees are utilized to store the hash values of users’ assets in “leaf nodes”, which can then be audited to verify the holdings.

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  • After 6+ years in Digital Marketing & Product Management of B2C relationships, I’ve moved onto the B2B world. Now I’m CEO at Scale Final Content, creating remarkable experiences for every business we work with. We Make UX Content That Ranks 🚀 We are a team of industry leading experts with 6+ years of writing experience, accomplishing the latest SEO trends. I'm a crypto enthusiast, NFT lover and marketer. Obsessed about coffee, UX design and UX content. Live in heart of crypto events, Lisbon, full of sun, ocean and music.

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