Customers Can Now Verify Kraken’s Bitcoin Reserves
The company recently passed an independent audit on its bitcoin holdings and has enabled a ‘Proof of Reserves’ feature to its customers.Kraken customers can now independently verify that the bitcoin funds they hold on the cryptocurrency exchange are backed by actual assets after the firm launched its Proof of Reserves feature, enabling a new level of transparency and accountability to emerge in the industry.The feature is the product of an independent, cryptographic audit of Kraken’s funds performed by accounting firm Armanino LLP, which verified the amount of bitcoin the exchange holds on....
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Bitcoin exchange Kraken has passed a cryptographically verifiable proof of reserves audit with flying colours. The audit, which was carried out by Stefan Thomas on 11th and 22nd of March, proved that more than 100% of Kraken's bitcoins are held in reserve. The process was designed to allow the auditor to verify that the total amount of bitcoins held by Kraken matches the amount required to cover an anonymized set of customer balances. Covering all balances. Thomas said the audit was very strict, but at the same time it maintained "absolute privacy" for customers. He also added that Kraken....
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