- Kris emphasized that transparency is more vital than ever during the current industry crisis.
- OKX, Polonix, Kucoin, Huobi Global, and Binance are shifting into Proof-Of-Reverse.
As a result of the collapse of the competitor exchange FTX, Crypto.com CEO Kris Marszalek has become the newest cryptocurrency corporation to pledge to “audited Proof-Of-Reserve.”
We share the belief that it should be necessary for crypto platforms to publicly share proof of reserves and https://t.co/pFc4Pz9nFR will be publishing our audited proof of reserves.— Kris | Crypto.com (@kris) November 10, 2022
According to Kris, transparency is more crucial than ever during the industry’s current crisis, and user and fund safety and security are of the utmost importance. On November 8, CZ tweeted that Binance has begun to switch to Proof-Of-Reserve in an effort to increase transparency.
The CEO of Crypto.com instantly expressed his opinion following the company’s decision to halt USDC and USDT deposits and withdrawals through the Solana network.
By assuring its users in the email that they could still withdraw USDC and USDT at any moment via other aided networks, such as Cronos and Ethereum, the exchange gave the impression that other mentioned networks had not been damaged by recent industry trends.
The Exchange is shifting to Binance, Gate.io, KuCoin, Poloniex, Bitget, Huobi, OKX, Deribit and Bybitare shifting into Proof-Of-Reverse.