Crypto.com, which claims it is “trusted” by more than 70 million customers world-wide and the “industry leader” in regulatory compliance, security and privacy certifications, has released its audited Proof of Reserves, “enabling users to verify that their crypto assets are fully backed (1:1) on our platform.”
The verification was conducted by Mazars Group, an international audit, tax and advisory firm “employing more than 44,000 professionals in more than 90 countries.” This independent third-party audited report “performed under ISRS 4400 as set forth by the International Auditing and Assurance Standards Board (IAASB) used advanced cryptographic procedures to confirm the availability and backing of our customer balances.” Mazars Group is also utilized by Binance.
Mazars Group “compared the assets held in on-chain addresses proven to be controlled by Crypto.com with customer balances through an auditor-overseen live query of a production database as of December 7, 2022, 00:00:00 UTC.” The results of the reserve ratio of major assets are available here.
Crypto.com explains that it is now “easy for their existing users to verify that Crypto.com has a 1:1 reserve of all customer crypto assets deposited on its platform, and users can confirm the assets in their account are responsibly backed and accessible, both for the Crypto.com App and Crypto.com Exchange.”
This effort is “an extension of our commitment to setting the highest standard for transparency and accountability.”
Kris Marszalek, CEO of Crypto.com, said:
“Providing audited Proof of Reserves is an important step for the entire industry to increase transparency and begin the process of restoring trust. Crypto.com is fully committed to providing customers around the world a safe, secure, and compliant means of engaging with digital currencies.”
You can visit Crypto.com’s Proof of Reserves page “to learn more about the audit and self-verify funds by visiting crypto.com/proof-of-reserves.”
Founded in 2016, Crypto.com says that it is “trusted by more than 70 million customers world-wide and is the industry leader in regulatory compliance, security and privacy certifications.”
Their vision is simple: Cryptocurrency in Every Wallet™.
Crypto.com is “committed to accelerating the adoption of cryptocurrency through innovation and empowering the next generation of builders, creators, and entrepreneurs to develop a fairer and more equitable digital ecosystem.”