Prominent cryptocurrency exchange CryptoCom has shared details of its cold wallet addresses with a total balance of $3 billion in crypto assets, as a show of transparency.
CryptoCom CEO Kris Marszalek said the company worked with data blockchain analytics platform Nansen to put together a simple dashboard tracking these addresses.
CryptoCom Holds $3B Crypto Reserve
According to on-chain data from Nansen, CryptoCom has a total of $3 billion in crypto assets in its cold wallets. The information shows that the company’s holdings include Bitcoin (BTC), Ethereum (ETH), Shiba Inu (SHIB), USDC, USDT, and others.
The data reveals that CryptoCom is holding 53,024 BTC, and 391,564 ETH combined with other assets in its reserves.
Surprisingly, the company holds more SHIB than stablecoins, including USDC, and USDT. The memecoin accounted for nearly 20% of CryptoCom’s total reserve. Both USDC and USDT represent nearly 12% of CryptoCom holdings.
Marszalek stated that users can expect CryptoCom to continue working in the “spirit of full transparency and remain the steady hand and a safe, secure platform.”
CryptoCom has now followed in the footsteps of rival exchange Binance, which also revealed details of its hot and cold wallet addresses holding $70 billion as a show of transparency.
CryptoCom Prepares for Proof-of-Reserves Audit
Meanwhile, CryptoCom CEO noted that the latest move is in preparation for a Proof-of-Reserves (PoR) audit in the coming weeks “confirming the full 1:1 reserve of all customer assets.”
A Proof of Reserves is an independent audit carried out by a third-party firm that seeks to ensure that a custodian such as a crypto exchange holds the assets it claims to on behalf of its clients.
The move by companies to publicly publish their PoR audit is gradually gaining steam amidst the collapse of the crypto exchange FTX.
FTX is currently facing a liquidity crunch due to its CEO Sam Bankman-Fried (SBF) reportedly using customers’ assets on the platform to fund risky bets. This is why some crypto exchanges are working to publicly release their PoR audit to show they are transparent.
