On Thursday (August 11), crypto exchange Kraken released the results of its “second 2022 Proof of Reserves audit”, which has been expanded to include seven digital assets.
These seven cryptoassets are $BTC, $ETH, $USDT, $USDC, $XRP, $ADA, and $DOT.
According to Kraken’s blog post, “a Proof of Reserve audit is a trail-blazing accounting procedure that cryptographically verifies cryptocurrency holdings and account balances,” and the results of the most recent audit were “once again verified by top-25 global accounting firm, Armanino LLP.”
This audit verified that Kraken “securely held” user funds — held in the above seven digital assets — whether on the exchange or held in its (on-chain and off-chain) staking services.
In Kraken’s February 2022 Proof of Reserves Audit, Kraken verified the balance of its clients’ $BTC and $ETH holdings. Kraken says that by support the aforementioned seven digital assets, it has expanded the verification of “client balance coverage” to “63% of the total assets held on Kraken.”
According to Coin Metrics Co-Founder Nic Carter’s Proof of Reserves “Wall of Fame”, the only crypto exchange which has had any Proof of Reserves (PoR) audits completed in 2022 is Kraken: