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Proof of reserves
After every snapshot we publish a signed reserve report: what customers hold, what our own hot and cold wallets hold, and a Merkle-tree proof you can use to confirm your own balance was included.
Reports start at launch
Lowest coverage across assets
At launchReports start at launch
No figures are shown until real customer funds are held. The first report is published when deposits open.
Liability Merkle root
Published with the first report
By asset
A coverage of 100% or more means our wallets hold at least as much of that asset as all customers together hold on Croleo. Each asset is covered on its own; a surplus in one never offsets a shortfall in another.
Croleo holds no customer funds during the public beta, so there is nothing to report. The first report is published at launch.
How it works
Showing reserves alone is not enough: an exchange also has to prove what it owes. A Merkle tree lets us commit to every customer balance in one published hash, without revealing anyone's balance to anyone else.
At the snapshot, each account's balances are hashed together with a secret per-account salt. The leaf proves your balance without revealing who you are.
Pairs of hashes are hashed again, level by level, until a single root remains. Each branch also carries the sum of the balances below it, so no balance can be left out or made negative.
An independent auditor checks that the total under the root equals customer liabilities, and that the custodian's wallets hold at least that much of each asset.
Check it yourself
The check runs in your browser. We do not learn whether it passed.
Crypto assets are high risk. You could lose all the money you put in. This is not investment advice. Risk disclosure
Questions about our reserves? Contact us.
Signed in, your browser fetches your leaf's secret salt and the sibling hashes, and recomputes the path. If it arrives at the published root, your balance was counted.
Published root
…
Branch A
hash(L1 + L2)
Branch B
given to you
You
L1
Sibling
L2
Account
L3
Account
L4
Your leaf only reveals your own balances, and only to you. Sibling hashes look random, so they tell you nothing about other customers. Account IDs are never published.
Once the first report is published, signed-in customers can check here that their balance was counted, with the proof rebuilt in their own browser. Checks open at launch.