- CMC, crypto trading market platform, introduced the Proof of Reserve feature on-site.
- Users will be able to see exchanges that are verified, with their reserve data available.
- The crypto community met this feature with confidence.
Binance CEO Changpeng Zhao tweeted about a leading cryptocurrency trading platform, CMC’s recently launched feature of exchanges’ proof of reserve (PoR) feature. This tool would help with showing investors and users information about trustworthy exchanges. Amid all the uncertainty and fear, providing transparency is of vital importance to the crypto community.
.@CoinMarketCap released a new exchange reserve dashboard feature. https://t.co/JRijTsgE6B— CZ Binance (@cz_binance) November 22, 2022
CoinMarketCap shared a Twitter thread announcing the new feature; “Exchange’s Proof of Reserves”. In detail, Proof of Reserves (PoR) provides transparency to crypto reserves through a verifiable auditing practice.
CoinMarketCap ranks and scores exchanges based on traffic, liquidity, trading volumes, and confidence in the legitimacy of trading volumes reported. The new feature displays an icon beside a certain exchange’s ticker to symbolize the transparency and trustworthiness of that respective firm, being in compliance with CMC.
Among the exchanges listed on CoinMarketCap that have reserves are Binance, KuCoin, Bitfinex, OKX, and ByBit.
With CMC’s PoR, you can access the total assets of an exchange address, as well as the address ownership information, balance, price as well as value of the public wallet address. Additionally, a rotation and update is also carried out every five minutes for the feature.
According to CoinMarketCap, “the new CMC feature, exchange’s PoR provides transparency to crypto reserves through a verifiable auditing practice”.
Subsequently, the community congratulated CMC’s efforts for transparency amid the crypto market chaos. A crypto enthusiast tweeted saying that “its a great improvement, and how this will help investors and increase transparency”.
Another netizen replied, “this feature should help investors vet and filter the safest exchange. It is easy seeing your funds on an exchange but it is another thing to actually withdraw it.”
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