Huobi To Implement Proof of Reserves Program, Pave The Way For Exchange Accountability

Huobi To Implement Proof of Reserves Program, Pave The Way For Exchange Accountability

Huobi announced (via reddit, yesterday) that it will be implementing an industry standard Proof of Reserves program by the end of August, with a Trading/Asset Separation scheme to follow in September. Huobi is following in the footsteps of its foreign and domestic exchange counterparts by submitting its database and hot and cold storage wallets to a third-party audit. Their action follows on from wider concerns raised by the Chinese Bitcoin community that Chinese exchanges are operating by fractional reserve and user demands that exchanges prove 100% reserves. The Spectre of Mt. Gox means....


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