Phemex has taken a new step towards ensuring the security of its users in the crypto ecosystem.
After FTX filed for bankruptcy, crypto exchanges began to share proofs of reserve so that investors would not lose their confidence. Considering the need for transparency, exchanges started a new trend by sharing about their assets. Crypto exchange Phemex has also implemented its own proof of reserve and technology where users will instantly check their proof of reserve.
Phemex Breakthrough With Instant Reserve Tracking
Singapore-based global cryptocurrency exchange Phemex has launched its new service where users can check their assets and the stock’s proof of reserve.
With the Proof of Reserve system, which is a live screen, users can instantly check both their own assets and Phemex’s assets whenever they want. Phemex built this transparency process on codes rather than exposing cold wallet addresses on their website and relying on a third-party auditor. This approach from Phemex allows users to check all details and use Proof of Reserve tools with their own defined Hashed Client IDs.
The exchange took the first opportunity to balance the index for 5 key user assets, including BTC, ETH, USDT, USDC and USD. More token balances are expected to be added to the platform in the near future.
After users confirm their initial token balance, they can continue to view the Merkle-tree proof. It can also review and approve the registration of its assets in the system.
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