Audit shows Kraken's reserve covers all balances

Audit shows Kraken's reserve covers all balances

After conducting the audit, Ripple CTO Stephan Thomas concluded Kraken has enough Bitcoins in reserve to cover all balances. Bitcoin exchange Kraken has announced it has passed an audit that proves that more than 100% of Kraken's Bitcoins are held in reserve. The whole process shows that Kraken owns the amount of Bitcoins required to cover an anonymized set of customer balances. Improve overall confidence. The audit was conducted by Stephan Thomas, CTO of Ripple Labs. Thomas made a post about him performing the audit voluntarily on March 11th and March 22nd at Kraken's offices in San....


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Quotes

The decision to bring virtual currency within the scope of our regulatory framework should be viewed by those who respect and obey the basic rule of law as a positive development for this sector. It recognizes the innovation virtual currencies provide, and the benefits they might offer society.

Jennifer Shasky Calvery, the director of the Treasury Department’s Financial Crimes Enforcement Ne