The downfall of FTX has urged much of the industry to embrace transparency. Subsequently, one of the earliest adaptors has been Crypto.com. As it has now been uncovered the wealth of assets they have in a well-known meme-coin.
Crypto.com Audit Shows Plenty of SHIB
They are one of the most well-known cryptocurrency platforms on the planet. And headlines on the downfall of one competitor have led CEO Kirk Marszlalek to spearhead a more public approach to its books.
Plenty of platforms are leaning toward less anonymity among consumers following the bankruptcy of FTX. Conversely, the deteriorating trust in the mainstream is having to be combated with an abundance of transparency. An effort that has certainly taken place.
One interesting development that has come from that effort, however, has been a peak into the vast array of assets at various platforms. It was Crypto.com’s own preliminary audit that revealed 20% of its asset is in Shiba Inu coins.
SHIB is a digital meme coin that has transcended a lot of early perceptions of its place in the crypto world. It remains a highly volatile cryptocurrency but has carved out an interesting place in the market today.
This is even more relevant as it has been revealed by Coindesk that of Crypto.com’s $2.88 billion assets, SHIB accounts for about $588 million. That holding makes it second only to the $872 million of Bitcoin.
A Crypto.com spokesperson said, “The reason our Proof of Reserves include Shiba is because we hold customers’ balances 1:1. Thus, our Proof of Reserves are dictated by our customer holdings.”