Data lake provider TRES is introducing a new mechanism to track exchange and custodian reserves, joining Chainlink and other solutions catering to institutional demand.
Proof of reserves emerged as a direct response to the need for greater transparency among companies holding digital assets on behalf of investors. Now, the mechanism is expected to be revamped as institutions seek tools for tracking and auditing onchain assets in real time.
Web3 companies are hoping to capitalize on this demand. Financial data lake TRES, for instance, is launching a proof of funds mechanism that reportedly offers automated snapshots delivered in real-time for crypto exchanges and custodians.
“Exchanges only track wallets that exist on their co-mingled omnibus account. This is purely a balance snapshot of these specific wallets, meaning they can be potentially manipulated,” Tal Zackon, co-founder of TRES, told Cointelegraph.
