NEW: krakenfx announced a proof-of-reserves audit from Armanino LLC showing the crypto exchange held $19 billion in bitcoin and ether. realDannyNelson reports
Kraken on Thursday announced the results of a proof-of-reserves audit showing the crypto exchange held $19 billion in bitcoin and ether. Other crypto assets were not included in the audit.
Armanino completed the independent audit on Dec. 31, 2021, a Kraken representative told CoinDesk. A culmination of “years” of work, said Chief Product Officer Jeremy Welch, it required reconstructing a merkle tree to prove every coin was proper. The audit’s release comes as crypto firms race to burnish their credibility amid mounting scrutiny from regulators and traders. Kraken itself has made no secret it's plans to go public, making brand perception all the more important.“We do hope that all companies in this space continue to take the kind of transparent and secure approach that we know is possible,” he said in an interview.
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