MoonXBT Prepares Proof of Reserve (PoR) for User Convenience

MoonXBT, a leading crypto social trading platform, is gearing up to demonstrate a proof of reserve (PoR) in the next few weeks in an effort to increase user trust along with the industry.

“Security and user trust are the two founding stones of the crypto industry,” said Jack, CEO of MoonXBT.

According to Jack, MoonXBT has been regulated by the Securities and Exchange Regulator of Cambodia (SERC). That means, the platform has enough reserves to meet SERC requirements and to fulfill customer withdrawals at any time of any amount.

But Jack believes that, it is important to synchronize with the industry to rebuild user trust together.

“There seems to be a consensus for centralized exchanges (CEXs) to disclose the Merkle Tree's proof of reserve. If that's what has to be done, we'll do it as soon as possible," added Jack.

Proof of reserve, especially the Merkle Tree proof of reserve has emerged as a way to demonstrate asset safety and transparency to prevent fear from spreading from users after the liquidity crunch occurred at the second largest CEX, FTX.

MoonXBT Will Prepare Proof of Reserve

The first PoR show was led by Binance who has shared his wallet balance and said it plans to do a snapshot of proof of backup "in the next few weeks." Other CEXs such as Gate.io, KuCoin, Poloniex, Bitget, Huobi, OKX, Deribit and Bybit have also followed suit.

While preparing for the disclosure of proof of reserve, MoonXBT has also issued a total of 500,000 USDT of special funds to traders affected by the FTX incident including agents, KOLs, users and others.

Those who lose more than a certain amount on FTX can receive grants from MoonXBT every month for six consecutive months.

MoonXBT has always been vocal in asset safety and always puts the interests of users first. As a direct partner of the Government of Cambodia, MoonXBT has been thoroughly vetted by the top financial enforcement branch.

MoonXBT complies with SERC's reserve holding standards and risk management requirements to deal with emergency withdrawals, or even liquidity crises.

Apart from that, MoonXBT has also worked with the industry leading crypto security company, Fireblocks, as its asset custodian.

Fireblocks not only provides technology solutions to provide bank-grade security to users' private keys, but also oversees the transfer of MoonXBT assets.

The platform never makes “accidental wrong” transfers to other company accounts, nor does it use user funds as any form of collateral to carry out DeFi activities.

Moreover, since its establishment, MoonXBT has guaranteed smooth daily operations and has never stopped withdrawing customers for any reason.

According to Jack, regardless of FTX emergencies, MoonXBT always follows strict protocols to ensure the safety of user assets.

“But hopefully showing proof of reserve can help [return] users build trust more quickly,” said Jack.

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MoonXBT Prepares Proof of Reserve (PoR) for User Convenience

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