CoinEx Enhances User Trust with Latest Proof of Reserves
CoinEx's Commitment to Transparency
CoinEx, a pioneering cryptocurrency exchange based in Asia, has recently made strides in enhancing its transparency and bolstering user trust. With its updated proof of reserves as of late April, the exchange ensures that every dollar deposited by users is matched by an equivalent asset held in reserve. This 1:1 reserve policy not only serves to protect the financial interests of users but also enhances the platform's reliability in the ever-evolving cryptocurrency landscape.
Proof of Reserves Details
The updated proof of reserves indicates that CoinEx maintains a healthy reserve rate of 120.11% for its native token, CET. Moreover, major cryptocurrencies such as USDT, USDC, BTC, ETH, and DOGE also show strong reserve ratios at 100.69%, 101.17%, 100.66%, 100.08%, and 100.23% respectively. With a total market capitalization in wallets surpassing $808 million, CoinEx continues to solidify its role as a secure trading platform in the cryptocurrency realm.
Pioneering Through Transparency
One of the earliest exchanges to adopt a system of proof-of-reserves, CoinEx champions transparency in its operations. The exchange's commitment to safeguarding user assets is evident through its continued efforts to maintain not just the minimum required reserves, but to exceed expectations, ensuring all user assets are protected.
Robust Security Infrastructure
Security is a top priority for CoinEx, and the exchange employs a comprehensive set of advanced protocols designed to protect user assets. With multi-signature mechanisms, physical system separation, and continuous monitoring, CoinEx works tirelessly to create a seamless and safe trading environment. Alerts are automated for both hot and cold wallets, ensuring real-time security oversight.
Introducing the CoinEx Shield Fund
To further enhance user asset safety, CoinEx has also established the CoinEx Shield Fund, directing 10% of trading fees towards mitigating potential extreme risks. This proactive approach, coupled with strategic partnerships, notably with security firm SlowMist, signifies CoinEx's unwavering commitment to robust defenses against potential threats.
Who is CoinEx?
Founded in 2017, CoinEx has grown steadily, driven by a mission focused on user satisfaction and asset protection. Launched by the reputable mining pool ViaBTC, CoinEx has gained trust through its features, which include a diverse offering of over 1,400 cryptocurrencies. Serving more than 10 million users across numerous countries, the platform continues to evolve, reinforcing its ecosystem with its governance token, CET, which incentivizes user engagement.
Frequently Asked Questions
What is the purpose of CoinEx's proof of reserves?
CoinEx's proof of reserves serves to validate that user deposits are fully backed by equivalent assets, fostering user trust and financial security.
How does CoinEx maintain security for user assets?
The exchange employs advanced security mechanisms such as multi-signature protocols and real-time monitoring to protect user funds effectively.
What is the CoinEx Shield Fund?
The CoinEx Shield Fund allocates a portion of trading fees to enhance user asset protection against potential financial risks.
How many cryptocurrencies does CoinEx support?
CoinEx supports over 1,400 cryptocurrencies, catering to a diverse array of user needs and preferences.
When was CoinEx established?
CoinEx was established in 2017 and has grown to be a trusted platform in the cryptocurrency exchange market.
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