FTX collapse raised the demand for Proof-of-Reserves protocols, and the exchanges who are able to live up to that request mark a great step in the right direction. XBO ensures crypto assets are always safe and accessible to users by deploying proof-of-reserves protocol.
XBO.com is one of those exchanges which is prioritizing users’ safety and transparent trading, announces today it’s working on a proof-of-reserves protocol and is holding all assets of their users 1:1 in segregated accounts through its collaboration with Fireblocks.
Launched in September, XBO.com helps make crypto more accessible to everyone. The platform merges gaming-inspired UI and top security solutions to offer traders a user-friendly and reliable alternative to existing exchange platforms.
With Bitcoin and Ethereum reaching new lows that were not seen since 2020, the crypto world is licking its wounds from the FTX collapse. When Binance backed out of its rescue deal for FTX over reports of mishandling of customer funds, investors’ trust in centralized crypto exchanges dropped drastically.
As many have noted, however, it was poor management that led to FTX’s downfall, not a failure of the centralized-exchange business model or underlying technology. Sam Bankman-Fried’s trading firm Alameda Research heavily invested in the FTX exchange’s FTT token, essentially inflating the token’s price using investors’ money to back it up.
Dor Maman, CFO of XBO.com, said:
“The FTX crash is unfortunate first and foremost to investors on the exchange, but the mistrust users have for centralized exchanges now is harming the whole crypto industry.”
Today, XBO.com reassured users that such a prospect isn’t even possible on its platform.
“We want to ensure users who invest through XBO that their assets are safe and held 1:1 with zero exposure to currency rate fluctuations,” states Dor Maman. “We comply with the highest industry standards in terms of safety and security, and always believe our users come first.”
XBO.com pointed out that it doesn’t have a native token. XBO.com meets the need for a user-friendly and accessible crypto trading platform.
By leveraging an intimate familiarity of crypto users’ pain points and a deep understanding of social gaming UX, XBO.com makes buying and selling digital assets simple and enjoyable for both amateur and experienced crypto users who find traditional crypto trading platforms intimidating, XBO mentioned in a press release shared with AlexaBlockchain.
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