CoinMarketCap Introduces a Proof-of-Reserve (PoR) Tracker for Crypto Exchanges

A person in front of an old computer looking up futuristic diagrams

In response to the increasing call for transparency, CoinMarketCap, the world’s most-referenced crypto price-tracking website, has launched a proof-of-reserve feature for centralized crypto exchanges.

CoinMarketCap nodes to proof of reserves

The infamous implosion of FTX, one of the world’s biggest crypto exchanges, brewed distrust in investors for centralized exchanges (CEXs). To win back the trust of users, CEXs began launching proof of fund reserves.

To foster trust in the crypto industry through transparency, CoinMarketCap, a leading market researcher and tracker in the crypto industry, has launched a proof-of-reserve tracker for exchanges.

CoinMarketCap launches proof of reserve tracker for exchanges

The new feature introduced by CoinMarketCap will give users updated financial insights on exchanges. The tracker will audit active crypto exchanges for transparency on liquidity at a given moment.

According to CoinMarketCap, the tracker will update every five minutes. It will display info about an exchange’s total assets, affiliated public wallet addresses, address balances, as well as the current price and values of the wallets.

CoinMarketCap took to Twitter to share its update on Binance, revealing over $65 billion on its public addresses. CoinMarketCap’s PoR information is also available for Bitfinex, ByBit, Crypto.com, Deribit, KuCoin, Huobi, and OKX.

On the Flipside

  • Despite the concerns in the crypto industry, Grayscale has refused to share its proof of trust reserves, with the company citing security concerns.

Why You Should Care

The PoR tracker has been welcomed by the crypto community, with Changpeng Zhao, the CEO of Binance, calling it a great transparency addition.

This article is for information purposes only and should not be considered trading or investment advice. Nothing herein shall be construed to be financial legal or tax advice. Trading Forex, cryptocurrencies, and CFDs poses a considerable risk of loss

Author

Milko is a DailyCoin reporter, mainly focused on Ethereum (ETH), Cardano (ADA), and their founders (Vitalik Buterin and Charles Hoskinson). Milko is an avid follower of crypto and blockchain technology and has written thousands of articles on the subjects. He finds joy in transforming complex issues into written content that anyone can understand. Milko has used and analyzed numerous exchanges, such as Coinbase, FTX, and Binance. He also closely follows all of the latest news around the largest decentralized exchanges (DEXs).