One of the world’s largest cryptocurrency exchanges based in the USA. Krakenall customers hold within Kraken bitcoin and Ethereums He explained that it can be audited with the “Proof of Reserve” feature.
In the report published yesterday, the famous stock exchange also said that Kraken had undergone an audit by the accounting and auditing firm Armanino.
According to the audit results, as of December 31, 2021, a total of 189 thousand 141 units are in the reserves of the crypto money exchange Kraken. bitcoin and 2 million 243 thousand 889 units Ethereum turned out to be.
Although there are more than 100 assets traded on the exchange, the audit was based only on Bitcoins and Ethereums in customers’ accounts.
It Will Provide More Transparency!
Kraken product manager Jeremy Welch said of the audit and the Proof-of-Reserve feature:
“Security and transparency for our customers has been at the heart of our practices and operations at Kraken from the very beginning.
In this context, regular Proof of Reserve audits will demonstrate that for Kraken, our customer safety and security is a top priority.”
Saying that Kraken plans to conduct periodic public proof-of-reserve audits, Welch noted that these audits may be annually or quarterly.
With the Proof of Reserve feature, Kraken customers will be able to check whether the cryptocurrencies they hold in their accounts have a counterpart during the audit.
Kraken also noted that with Proof of Reserves, the exchange will gain more transparency.
Customers who want to verify the amount and amount of Bitcoins that the Kraken exchange says they hold on their behalf will be able to access the website of the audit firm Armanino and perform the verification process.
It is estimated that such steps will push other exchanges to make applications in this way.