The crypto exchange Kraken published the findings of its “second 2022 Proof of Reserves audit” on Thursday (August 11), which was extended to encompass seven digital currencies.
The seven cryptocurrencies are BTC, ETH, USDT, USDC, XRP, and DOT. Kraken claims that their “PoR audit” is a “groundbreaking accounting technique that cryptographically checks cryptocurrency holdings and account balances,” with the findings of the most recent audit “once again validated by a top-25 worldwide accounting firm, Armanino LLP.”
This audit confirmed that Kraken “securely kept” customer money in the seven digital assets listed above, whether stored on the exchange or in its (on-chain and off-chain) staking services.
In its Proof of Reserves Audit for February 2022, Kraken confirmed its customers’ $BTC and $ETH balances. Kraken claims that supporting those above seven digital currencies has increased “client balanced coverage” to 63% of all assets stored on its platform.
Kraken is the only cryptocurrency exchange that has had Proof of Reserves (PoR) audits completed in 2022, according to Coin Metrics Co-Founder Nic Carter’s Proof of Reserves “Wall of Fame.”
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