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MEXC Global publishes proof of reserves after month long testing

February 23, 2023 Coin Telegraph

Coin Telegraph

The report showed high reserve ratios for USDT, USDC, BTC, and ETH.

On Feb. 22, cryptocurrency exchange MEXC Global released its proof-of-reserves (PoR) snapshot after 45 days of testing. In a document seen by Cointelegraph, MEXC claimed its reserve ratios for Tether (USDT), USD Coin (USDC), Bitcoin (BTC), and Ethereum (ETH) were 120.70%, 240.18%, 116.50%, and 110.53%, respectively via the Merke Tree method.

As of the date of snapshot on Feb. 10, MEXC held 232.4 million USDT, 33.0 million USDC, 1,869.0 BTC, and 12,472.0 ETH in custodied user assets. Meanwhile, the total assets held within MEXC wallets for the four coins were 280.6 USDT, 79.4 million USDC, 2177.5 BTC, and 13,785.6 ETH, respectively. A spokesperson for MEXC told Cointelegraph:

"MEXC will provide monthly updates on users' asset data through the Merkle Tree. This Proof considers strong Proof that our users' assets are available for 1:1 redemption at any time. As the industry becomes more regulated, we may disclose additional data that our users need. "

The spokesperson said that the exchange also plans to establish a "MEXC Investor Protection Fund" on top of existing measures to safeguard users' assets. Prior to the announcement, MEXC published a list of wallet addresses belonging to the exchange. When asked about regulation, the spokesperson explained that MEXC had obtained Money Service Business licenses in the U.S., Canada, Switzerland, and Estonia and that "clear regulatory standards are so important for the entire industry."

While exchanges have welcomed the PoR method as a gauge of financial health, other experts disagree. Jack Graves, a teaching professor of law at Syracuse University, cautioned investors that PoRs do not reveal other key information such as liabilities and leverage. "You can audit how many assets a crypto exchange has on-chain, but how much of it is pledged as collateral? That's a lot harder to figure out unless you have access to their financial services, books, and records, […]," he explained.

The MEXC Reserve Ratio report | Source: MEXC Global

MEXC 2022 Recap: Futures Business Grows by 1200% and Exceeds 10 Million Users

January 6, 2023 Bitcoin.com

MEXC launches $20M ecosystem fund to support Sei Network

January 4, 2023 Coin Telegraph

MEXC launches M ecosystem fund to support Sei Network

Coin Telegraph

Sei Network previously raised $5 million in funding in August 2022.

According to a blog post published on Jan. 4, Singapore-based cryptocurrency exchange MEXC announced that it would allocate $20 million to support developments on Sei Network. A layer one blockchain designed for trading, Sei Network's stated features include native order matching, frontrunning protection, smart block propagation, and 600 milisecond on-chain trade settlement. Leo Zhao, investment manager of MEXC Ventures, commented:

"AMM [Automated Market Makers] was the dominant market-making method in crypto for the past 2 years. The lack of a more efficient market-making strategy is in large part because of technology restrictions like low speed and smart-contract restrictions. We believe Sei's customized Layer 1 solution will be a game changer in the industry."

. Last August, Sei Network raised a $5 million funding round from investors such as Multicoin Capital, Coinbase Ventures, Delphi Digital, Hudson River Trading, GSR, Hypersphere, Flow Traders, and others. By then, over 20 decentralized applications had been building in the ecosystem. Sei claims its blockchain can process approximately 22,000 orders per second and has 250,000 testnet users. Similarly, to meet exchange trading specifications, other decentralized solutions such as dYdX, chose to migrate its blockchain from Ethereum (ETH) to Cosmos (ATOM). Developers said Ethereum simply couldn't handle its orderbook of around1,000 orders per second.

"Decentralized exchanges are also the most underserved application in crypto. They demand a unique level of requirements for reliability, scalability, and speed that no other apps need. If a large exchange goes down for a few moments, it's catastrophic, but the same downtime is far more tolerable for most other application types."

MEXC Ventures currently possesses approximately $100 million in assets under management spread across 300 portfolio companies. Its parent MEXC exchange processed around $600 million in total trading volume in the past 24 hours. The firm is known for its perpetual future products, which launched in Q4 2018.

#MEXC launches a $20M dedicated fund to support the development of key projects on @SeiNetwork

Check out what @zhao_eth, investment manager at MEXC Ventures said about this initiative ⤵️ https://t.co/EkqnTRntOA pic.twitter.com/kRcCIpvjp1
— MEXC Global (@MEXC_Global) January 4, 2023