CoinMarketCap is a leader in tracking the current prices and circulating supply of existing cryptocurrencies. After the FTX bankruptcy, it became clear that exchanges should be able to provide proof of reserve. CoinMarketCap has therefore thought of developing a new tool that will be very useful to users.
A tool to monitor platform reserves
CoinMarketCap presented this November 22nd on Twitter the new feature it offers crypto users. This is a tool that will allow them to carry out real-time proof of reserve (PoR) monitoring. 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 and addresses of public wallets. It will also allow to have a view of the balance, price and value of the wallets that are displayed.
This various information will be updated every 5 minutes on the CoinMarketCap platform. The feature will provide reassurance that a cryptocurrency exchange is transparent about liquidity at any given time.
CoinMarketCap receives support from the crypto community
CoinMarketCap’s Proof of Reserve (PoR) tracker has been called a “great addition of transparencyby members of the crypto community. Binance CEO Changpeng Zhao no feel free to retweet the publication of CoinMarketCap. In his publication, he entered a link leading to the data page of Binanza.
CoinMarketCap had illustrated his observations by giving the example of the exchange. He said: “Check out this example of PoR data shown for the Binance exchange: https://coinmarketcap.com/exchanges/binance The cryptocurrency exchange appears to have over $66 billion in assets across all of its wallet addresses combined.
Other cryptocurrency exchanges that have a PoR data page on CoinMarketCap are: Crypto.com, KuCoin, Huobi, Bitfinex, Bybit and OKX. It should be noted that after the FTX bankruptcy, the Binance exchange was the first to promise to make proof of reserve available to the public.
More and more exchanges publish their proof of reserve, for guaranteed transparency. Among the well-known firms that seem unwilling to follow suit is the crypto investment fund Grayscale. Indeed, the latter has he just sent a letter stating that his crypto funds are completely safe.
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Far from dampening my enthusiasm, a failed investment in a cryptocurrency in 2017 only increased my enthusiasm. I therefore decided to study and understand the blockchain and its multiple uses and to convey information related to this ecosystem with my pen.