Kraken, the popular crypto exchange, has announced the results of its second 2022 Proof of Reserves audit, which has now been expanded beyond *BTC, and ETH* to include USDT, USDC, XRP, ADA*, and DOT.
*Indicates Proof of Reserves audit covered assets held both on Kraken’s spot exchange and Kraken’s staking platform.
The addition of five more cryptocurrencies expands the verification of Kraken client balance coverage to 63% of the total assets held on Kraken. The firm says it plans to continue including additional assets in future Proof of Reserves audits.
A Proof of Reserve audit is an accounting procedure that cryptographically verifies cryptocurrency holdings and account balances. The results of the most recent audit were again verified by the top-25 global accounting firm, Armanino LLP.
This latest audit determined Kraken securely held all of the above assets belonging to clients on its exchange, as well as held in its on-chain and off-chain staking services.
“…don’t just take our word for it. We have always focused on security and our latest Proof of Reserves audit enables clients who held these assets on the exchange to independently verify their Kraken balances are indeed backed by real assets secured by our global exchange.”– The Kraken Team
As quoted, Kraken now provides the tools needed for clients to independently affirm the results of audits. To learn more about this process and Proof of Reserves in general, see the details on Kraken’s website.
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