CoinMarketCap (CMC), one of the world’s leading cryptocurrency price tracking websites, has added a proof-of-reserve feature for centralized crypto exchanges in an effort to increase transparency for crypto participants.
Currently, the data is available for seven centralized cryptocurrency exchanges, including Binance, KuCoin, and Bitfinex.
The proof-of-reserve tracker shows the types of tokens in which the reserves are held, as well as the addresses, balances, and values of assets in the associated wallets.
The full value of the reserves is also disclosed, as is a percentage breakdown of the exchange’s various assets held in reserve.
CMC obtains data from Nansen, DefiLlama, and the exchanges’ own websites, with the goal of updating the information every five minutes.
Binance Capital Management owns CoinMarketCap. Binance is the blockchain behind the world’s largest digital exchange by volume, and its CEO, Changpeng Zhao (CZ), has emphasized the importance of exchange transparency in the aftermath of FTX’s demise.