Kraken passed reserve audit proofs and now allows users to verify their crypto balances so let’s find out more today in our latest cryptocurrency news.
Kraken passed reserve audit proofs by Armanino LLP so now his users can verify crypto balances. Kraken’s proof of Reserve audit is designed to allow customers to prove that their BTC and ETH balances are safe and provable on the platform. The US-based crypto exchange was founded in 2011 and it provides crypto to fiat trading pairs with more than $19 billion worth of BTC and Ether. Kraken’s secure on-chain staking service still holds $3.5 billion worth of ETH. Armanino Accounting will conduct a proof of reserves audit of the Kraken exchange on a semi-annual basis as per the attestation standards that are used by the American Institute of Certified public accountants.
— Kraken (@krakenfx) February 3, 2022
The Kraken chief product officer said that customer security was always a top priority for the company and that the regular reserve audits are able to mitigate risks to customer funds and protect the safety of the users’ funds. He added:
“Security and transparency for our customers has been at the core of our culture as a company, and the core of our practices and operations from the very beginning,”
Kraken will minimize exposure to customer data privacy by using anonymized balanced information which means no sensitive customer data will be exchanged. The US exchange also announced that it is developing an NFT marketplace where the users can trade digital art and collectibles but also organize loans using tokens as collateral.
Also as recently reported, Kraken’s new NFT marketplace announced it will issue loans and Jesse Powell also announced it in an interview with Bloomberg. The new features will enable users to borrow funds against their NFTs. Powell explained that the company will enter the NFT space in 2022 and hopes to add another feature to determine the liquidation value of the NFT and whether it can be put up as collateral for the loan. The value of NFTs is all over the spectrum and only a smaller percentage of the token owners hold a digital collectible that is valued similar to what CryptoPunk is and whose floor price is set at 66.96 ETH for $273,673 at the time of writing. According to Powell, the NFT utility will surge next year.
DC Forecasts is a leader in many crypto news categories, striving for the highest journalistic standards and abiding by a strict set of editorial policies. If you are interested to offer your expertise or contribute to our news website, feel free to contact us at [email protected]
Discussion about this post