BTCC, the longest-running cryptocurrency exchange, played a crucial role in shaping the landscape. In a recent announcement, the exchange released a statement encompassing a PoR, or Proof-of-Reserves report, which was released in April.
The report showed a whopping 161% TRR or total reserve ratio. This marks a significant advancement in the BTCC’s ecosystem and functioning. As per the report, here are some of the holding reports that the firm shared:
- Bitcoin (BTC): 165%
- Ethereum (ETH): 160%
- Ripple (XRP): 135%
- Tether (USDT): 162%
- USD Coin (USDC): 142%
- Cardano (ADA): 166%
Move Towards Transparency
Head of Operations Alex said, “The release of our Proof of Reserves report is a natural extension of BTCC’s foundational principles to being transparent.” He added, “We’re committed to increasing transparency around user assets and reinforcing our vision of making cryptocurrency trading reliable and accessible to everyone.”
The release of BTCC PoR shows the firm’s unwavering support for accountability and transparency. Therefore, more crypto organizations should follow suit. Crypto’s culture of openness has always been a point of contention.
While some companies actively pursue secrecy, companies like BTCC are making headway toward making the landscape more open and transparent.
