CoinMarketCap, a leading market researcher and tracker in the crypto industry, announced the launch of a new feature on its platform that gives 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 five minutes. On Nov. 22, the company tweeted a guide for users on how to navigate the tool.
As recent unfavorable events in the cryptocurrency market in the past few days-weeks get more tough, with cryptocurrency businesses crashing and funds getting locked up on exchanges, coin market capitalization one of the leading cryptocurrency researchers and databases watch have introduced a new feature on the site, we're cryptocurrency users can see exchanges reserve and public wallet balance.
This development was announced on the platform tweeter handle.
this development from the coin market cap is a welcome development since recent events show that the CEO of exchanges is taking funds that are available for the running of the exchanges and putting it into other ventures or financing their personal lifestyle. E.G FTX exchange situation.
With this feature, the current financial conditions of exchanges are made public even though this can not solve the problem of exchange crashes and hacks in totality it will help to monitor their current balance to see what their reserve hold.