Coinbase — a leading crypto exchange in the US, is launching a new project to help crypto firms become more transparent, especially as it concerns proof-of-reserves. Coinbase states in a recent blog article that it’s trying different crypto-native ways to prove its reserves.
Additionally, it announced a $500K grant program for developers to encourage other exchanges to do the same. According to Coinbase, traders in the crypto space want renewed confidence that they can pull their money from any centralized exchange (CEX) at any time.
Furthermore, the company wants to provide several broad recommendations for upcoming proof-of-reserves procedures, on-chain wallet address disclosure, and evidence of accessibility to the private keys of specific wallet addresses.
“One silver lining from the FTX crash is the huge attention on assets and liabilities transparency of different crypto exchange companies,” says Philip Martin, Coinbase’s CSO. At Coinbase, you should only have the best in (decentralized finance) blockchain technology.
Martin added, “A significant emphasis is being placed on transparency regarding the liabilities and assets of various crypto businesses, which is one of the silver linings in the FTX’s collapse. At Coinbase, you should receive the best in traditional financial and blockchain technologies (DeFi).
We are now the only cryptocurrency company offering the certainty and transparency of a financial audit of a publicly traded corporation. Alongside this, we are developing a blockchain-based system for the future in which you won’t have to have faith in any other organization or even us.”
Everything should be open to everyone’s scrutiny. We are launching a new programmer award via Coinbase’s 2023 Crypto Community Fund to take significant strides toward the future world we have in mind.
Coinbase Shares Drops To A New Record Low
According to recent data, the crypto exchange’s stock fell by up to 10 percent while BTC gained nearly 2.3% and traded at $16.89K. A few days ago, shares of Coinbase fell to a record low as market apprehension over the potential consequences of competitor exchange FTX’s bankruptcy escalated.
The stock of the biggest crypto marketplace in the US fell by 10.3 percent to $40.61 before falling to 9.5% on Monday. Its drop had a knockdown effect on other cryptocurrency-related shares.
Coinbase’s stock price has lost over 80 percent this year. After being listed on Nasdaq for the first time in April 2021, Coinbase shares reached a high of $429.54 per share.
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