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CoinMarketCap launches Proof of Reserve tracker for cryptocurrency exchanges

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CoinMarketCap, a leading market researcher and tracker in the crypto industry, has announced the launch of a new feature on its platform that gives users up-to-date financial insights about exchanges.

The Proof of Reserves (PoR) The tracker audits active cryptocurrency exchanges in the industry for transparency about liquidity at a given moment. According to the announcement, the tracker details the company’s total assets and public wallet addresses, along with balances, current price, and portfolio values.

CoinMarketCap reports that PoR trackers will update the data every five minutes. On November 22, the company tweeted a guide for users on how to navigate the tool.

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In a five-part Twitter thread, Binance was presented as a prime example with over $65 billion listed in its combined wallet addresses. Additional exchanges with available PoR information include KuCoin, Bitfinex, OKX, Bybit, Crypto.com, and Huobi.

Binance CEO and co-founder Changpeng “CZ” Zhao Retweeted The development is from CoinMarketCap with a link to the Binance page. Some in the crypto community have it on Twitter Call This feature “adds great transparency”.

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It was CZ Among the first to pledge To provide evidence of reserves in the wake of FTX’s ongoing liquidity crisis and bankruptcy.

On November 10, he Post proof of assets, which included portfolio addresses and activity. CZ then tweeted that what is available now is only the first iteration of what will be available via Merkel tree PoR in the near future.

Related: Binance Leads $1 Billion SAFU Fund Amid Price Volatility

Similar to Binance, many other exchanges in the space have begun to release their financial reserves and liquidity information in an effort to be transparent. Chainlink LaboratoriesAnd the Bitfinex And Bybit were among them Some of the first to be introduced with their own data.

However, Grayscale’s cryptocurrency investment product service has it On-chain PoR blocking Given what you say are security concerns. It has already issued a letter from Coinbase Custody verifying that Grayscale crypto holdings are fully supported, however wallet addresses have been withheld.

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