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CoinMarketCap launches proof of reserve tracker for crypto exchanges
November 23, 2022
The proof of reserves (PoR) tracker audits active cryptocurrency exchanges in the industry for transparency on liquidity at a given moment. According to the announcement, the tracker details the total assets of the company, and its affiliated public wallet addresses, along with the balances, current price and values of the wallets.
CoinMarketCap reports the PoR trackers will update data every five minutes. On Nov. 22, the company tweeted a guide for users on how to navigate the tool.
In the five-part Twitter thread, Binance was given as an initial example with over $65 billion listed in its combined wallet addresses. Additional exchanges with PoR information available include KuCoin, Bitfinex, OKX, Bybit, Crypto.com and Huobi.
Binance CEO and co-founder Changpeng “CZ” Zhao retweeted the development from CoinMarketCap with a link to Binance’s page. Some in the crypto community on Twitter have called this feature a “great transparency addition.”
CZ was among the first to make a pledge to provide proof of reserves following the ongoing FTX liquidity and bankruptcy crisis.
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