CoinMarketCap is a leading company in tracking current prices and trading supply of current cryptocurrencies. After the FTX bankruptcy, it became clear that cryptocurrency exchanges should be able to provide backup evidence. Then CoinMarketCap thought of developing a new tool that will be very useful for users.
A tool for monitoring platform reserves
CoinMarketCap Foot On November 22nd on Twitter, the new feature it is introducing to crypto users. This is a tool that will allow them to conduct real-time Proof of Reserve (PoR) monitoring. Thus, users will be able to know the true state of reserves of each cryptocurrency exchange.
The feature will display total assets as well as public wallet addresses. It will also allow to obtain Point of view Balance, price and value of portfolios that are displayed.
This different information will be updated every 5 minutes on the CoinMarketCap platform. The functionality will provide reassurance regarding transparency about the liquidity of a cryptocurrency exchange at a given point in time.
CoinMarketCap receives support from the crypto community
CoinMarketCap’s Proof of Reserve (PoR) tracker is called “Add great transparencyBy members of the crypto community. Binance CEO Changpeng Zhao has not Feel free to retweet Posted by CoinMarketCap. In his post, he was entered Link to data page for binance.
CoinMarketCap explained his observations by giving an example of an exchange. He said: “Look at this example of PoR data displayed on Binance: https://coinmarketcap.com/exchanges/binance The cryptocurrency exchange appears to have over $66 billion in assets across all of its portfolio addresses combined.
Other cryptocurrency exchanges that have a PoR data page on CoinMarketCap are: Crypto.com, KuCoin, Huobi, Bitfinex, Bybit, and OKX. Note that after the FTX bankruptcy, Binance was the first to promise to provide backup evidence to the public.
More and more cryptocurrency exchanges are publishing backup proofs, to ensure transparency. One well-known company that seems unwilling to follow suit is crypto investment fund Grayscale. Actually, the latter He just sent a message saying that his crypto funds are completely safe.
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Far from dampening my enthusiasm, an unsuccessful investment in cryptocurrency in 2017 only fueled my enthusiasm. So I resolved to study and understand the blockchain and its many uses and pass on my pen information related to this ecosystem.