The latest events have undoubtedly shaken the confidence of investors and users in crypto. To overcome this situation, crypto companies do not skimp on the means to reassure them more. For its part, KuCoin has decided to engage the firm Mazars to carry out a very specific mission: verification and audit by a third party of its proof of reserve (PoR). The purpose of this move is to regain the confidence of crypto investors.
Crypto exchange KuCoin has its proof of reserve verified
Like many crypto companies, KuCoin thinks it is more than important to reassure users (especially after the latest events). “As People’s Exchange, we place the safety and security of user funds at the top of our priorities,” she said on her Twitter account.
In accordance with the regulations in force, this crypto exchange is required to provide information on consumer protection. This is a legal requirement imposed by Senator Ron Wyden.
For these two main reasons, KuCoin saw fit to bet on transparency by engaging the firm Mazars. The role of the latter will be to provide a report of third-party factual findings. This report will allow KuCoin customers to assess the security of their assets, but not only! It will also include details presenting the proof of reserve.
Mazars, a firm specializing in proof of reserve verification
Mazars is the main auditing firm of Donald Trump, the former US President. Lately, he is gradually establishing his notoriety in the crypto market. The proof : Binance also chose Mazars to carry out a public audit of its crypto asset reserves.
Although announced only very recently, the Mazars firm is already working with the KuCoin crypto exchange. The audit conclusions should be issued in the coming weeks. In a process of transparency, KuCoin also plans to publish the results on its site. To be continued…
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