Phemex has taken a new step towards ensuring the security of its users in the crypto ecosystem.
After FTX sat on the bankruptcy table, crypto exchanges began to share evidence of reserves so that investors would not lose a sense of trust. Considering that there is a need for transparency, exchanges have started a new trend by sharing about their assets. Crypto exchange Phemex has also implemented its own proof of reserves and technology that users will instantly check their proof of reserves.
Phemex Has Achieved a First with Instant Reserve Tracking
Singapore-based global cryptocurrency exchange Phemex has launched its new service where users can check their assets and the exchange’s evidence of reserves.
With the Proof of Reserve system, which is a live screen, users can instantly check both their own assets and Phemex’s assets at any time. Phemex built this transparency process on codes rather than exposing cold wallet addresses on their website and relying on a third-party auditor. Phemex’s approach allows users to check all the details and use Proof of Reserve tools along with their own defined Hashed Client IDs.
Phemex Offers Instant Reserve Tracking Service
The exchange took the first opportunity to ensure the index balance for 5 key user assets, including BTC, ETH, USDT, USDC and USD. It is expected that many more token balances will 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. At the same time, he can review and confirm the registration of his assets in the system.
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