CoinMarketCap (CMC), among the world’s leading crypto price tracking websites, has introduced a proof-of-reserve feature for centralized crypto exchanges in a bid to improve transparency for crypto participants. The data are currently available for seven centralized crypto exchanges including Binance, KuCoin and Bitfinex.
See related article: Crypto exchanges see record-high week of BTC outflows, following FTX saga
Fast facts
- The proof-of-reserve tracker provides information on the type of tokens in which the reserves are held as well as the addresses, balance and value of assets in the associated wallets.
- The full value of the reserves is also disclosed along with a percentage breakdown of the various assets held in reserve by the exchange.
- CMC is sourcing the data from Nansen, DefiLlama and the exchanges’ own websites, and aims to update the information every five minutes.
- CMC is owned by Binance Capital Management. Binance is the blockchain behind the world’s largest digital exchange by volume and its chief executive officer, Changpeng Zhao (informally known as CZ) has reiterated the need for transparency from exchanges in the aftermath of FTX’s collapse.
- See related article: AAX crypto exchange at risk of capital deficit, says market vulnerable from FTX collapse
