The chief executive of Crypto.com, Kris Marszalek shared the proof-of-reserve addresses of the company on November 11th, which comprise leading crypto assets, such as bitcoin and ethereum.
The CEO stated that they were making preparations for a proof-of-reserve audit and they had shared the wallet addresses of the cold wallets of the company.
FTX International was one of the biggest crypto exchanges in the industry and amidst its collapse on November 8th, Crypto.com’s CEO told his Twitter followers that the day was a sad one for the crypto space.
Marszalek was also quick to disclose that his company had little direct exposure to the crypto exchange and added that his firm had never been involved in irresponsible lending.
He stated that Crypto.com’s direct exposure to the meltdown of FTX was rather immaterial. He disclosed that it had been less than $10 million of their own capital.
This amount had been deposited on FTX for the trade execution of its clients and the CEO said that this figure did not carry a lot of value, given that their global revenues for two years had been more than $1 billion.
On November 9th, Marszalek had explained that the company would provide a full audit and list of proof-of-reserves addresses.
He disclosed a number of addresses of cold wallets that contain the reserves of Crypto.com two days later.
The Crypto.com executive said that they were still working on a full audit and would share the details later. He said that the wallet addresses contained the top assets of the platform.
The CEO also said that this was just a portion of their total reserves, which included 53,024 bitcoins and 391,564 ether and a number of other coins, all of which had a total value of $3.0 billion.
There was a long list of cold wallet addresses that belong to Crypto.com.
The CEO also revealed that their team was also collaborating with Nansen for providing a dashboard that would feature the reserve addresses of the crypto exchange in real-time.
He said that people could expect the company to continue functioning with full transparency and would remain a secure and steady platform for its users.
The tweets on Friday from Marszalek come a day after Binance had also released a list of both cold and hot wallet addresses related to the exchange.
These moves come after a number of conversations between crypto executives who stated that it was important for crypto companies to provide proof-of-reserve audits.
This discussion about proof-of-reserves comes in the wake of the collapse of the FTX crypto exchange that has sent shockwaves throughout the crypto market.
The company as well as 134 other businesses associated with it filed for Chapter 11 bankruptcy protection on Friday.
According to reports, it has a huge amount of liabilities and had been mishandling customer funds, which has given rise to concerns about other exchanges as well.