The need for transparency is ever more important in the crypto industry. As such, CoinMarketCap, the leading market price aggregator, which was bought by Binance in April 2020 for $400 million, is launched a tool that will track in real time the Proof of Reserves of different exchanges, detailing asset distribution, balances and affiliated public wallet addresses.
Binance’s CEO Changpeng Zhao was the main actor of this transparency narrative, and he was the first to provide a detailed account of the exchange’s Proof of Reserves after the FTX collapse, showing no less than $65 billion in assets, including $40 billion in stablecoins. He was followed by Crypto.com, Kucoin and other exchanges.
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