CoinMarketCap, a leading market researcher and tracker in the crypto industry, announced the launch of a new feature on its platform which allows users updated financial insights on exchanges.The proof of reserves (PoR) tracker audits active cryptocurrency exchanges in the industry for transparency on liquidity at a given moment.
According to the announcement, the tracker details the total assets of the company, and its affiliated public wallet addresses, along with the balances, current price and values of the wallets.CoinMarketCap reports the PoR trackers will update data every 5 minutes.
On Nov. 22 the company tweeted a guide for users on how to navigate the tool.NEW #CMC Feature: Exchange’s Proof of Reserves Proof of Reserves (PoR) provides transparency to #cryptocurrency reserves through a verifiable auditing practice. <1/5> pic.twitter.com/HlNbUGzOYEIn the 5-part Twitter thread, Binance was given as an initial example with over $65 billion listed in its combined wallet addresses.
Additional exchanges with PoR information available include KuCoin, Bitfinex, OKX, Bybit, Crypto.com and Huobi.Binance CEO and co-founder Changpeng “CZ” Zhao, retweeted the development from CoinMarketCap with a link to Binance’s page.Read more on cointelegraph.com