Crypto.com releases its proof of reserves verified by Mazars Group

Crypto.com, has published its audited Proof of Reserves, allowing users to verify that their crypto assets are fully backed (1:1) on its platform, as announced by the firm and its CEO, Kris Marszalek, on Dec. 9.

As promised, our audited Proof of Reserves.

Mazars Group, a reputable audit firm, confirmed that our on-chain reserves exceed customer liabilities for all in-scope assets and that we have full control over the wallets.

Users can now verify 1:1 backing cryptographically. https://t.co/rc9rDJGp9d

— Kris | Crypto.com (@kris) December 9, 2022

Audit, tax, and advisory firm Mazars Group verified the assets held in on-chain addresses controlled by Crypto.com with customer balances through an auditor-supervised live query of a production database on December 7, 2022, 00:00:00 UTC. 

“Providing audited Proof of Reserves is an important step for the entire industry to increase transparency and begin the process of restoring trust,” said Marszalek.

Following are the results of the reserve ratios for major assets:

It will now be possible for users with the Crypto.com App and Crypto.com Exchange to confirm assets in their accounts are “responsibly backed and accessible,” according to the Crypto.com

Journalist at CryptoSlate

Soumen is a dedicated researcher and writer in the field of cryptocurrencies, DeFi, NFTs, and GameFi projects.