Kraken, Coinbase, and Gate.io expose Proof of Reserves to show their transparency stance

The number of leader trading exchanges widely known to all crypto traders like Kraken, Coinbase, and Gate.io became the first pilot that shows proof-of-reserves including the number of liabilities which is a part of inspections.

After FTX’s collapse, Changpeng Zha who is Binance’s CEO invites all exchanges to provide proof-of-reserves, which is Merkle-tree. Although Binance has started to drive this method they are unable to collect all liability evidence to keep it into proof-of-reserves yet.

• Exchanges public as only proof-of-reserves

Binance did not include disclosure of liabilities in its suggestion. However, many exchanges agreed that it was also necessary to provide full transparency. Bitfinex also did not disclose its liabilities with its Merkle-tree proof of reserves.

MexcGlobal and ByBit also did not share their liabilities but said they will publish proof of reserves soon.

Binance is the leader in exchanges to start publishing proof-of-reserves, but they have not yet provided evidence of the company's debt in proof-of-reserves. Although, many exchanges remain to accept to show their transparency absolutely.  On the other hand, Bitfinex does not disclose the number of liabilities on Merkle-tree.

• Exchanges expose as perfect proof of reserves

As Crypto.com and Huobi, both have shown their proof-of-reserves completely, Moreover, the couple exchanges also declare that they are willing to write liabilities reports and will show them as soon as.  

In addition, OKY and Mexc global are trying to work on collectible proof-of-reserves related to this issue enthusiastically.  

More Information: cryptoslate.com