- Kraken exchange adds five new digital assets on its platform.
- Besides BTC and ETH, the exchange now holds USDT, USDC, XRP, ADA, and DOT.
- The Kraken team is also planning to include more assets in the future.
The Kraken Exchange has come up with the addition of five new digital assets, besides BTC and ETH holdings. This includes USDT, USDC, XRP, Cardano (ADA), and Polkadot (DOT). The exchange team announced its second Proof of Reserves (PoR) audit, 2022, on the past day, in which the team declared their new initiative.
💥 Our 2nd Proof of Reserves audit of the year is complete! 💥
— Kraken Exchange (@krakenfx) August 11, 2022
A blog post by Kraken reads that the team has always focused on “security” and that the latest PoR audit allows the asset-holding clients to independently verify that their Kraken balances are funded by secured real assets of the global exchange.
In its first reserve audit in February 2022, Kraken verified the balance of its clients’ BTC and ETH holdings, where the platform held $19 billion worth of both coins.
Meanwhile, the team remarked that this time, the addition of the five new cryptocurrencies expands the “verification of their client balance coverage to 63% of the total assets held on Kraken”. They also plan to continue including additional assets in their future PoR audits.
Furthermore, the Kraken team said:
As the crypto industry’s transparency leader, Kraken continues to raise the bar and set the blockchain-powered standard for accountability to our clients. Our Proof of Reserve audits offer a standard not only unmatched in crypto but unmatchable by traditional finance.
The PoR reserves audit results were repeatedly verified by one of the top 25 accounting companies—Armanino LLP.
To note, in blockchain technology, Proof of Reserves (PoR) is a way for crypto asset holders to verify that the balances they hold on their respective crypto exchanges are backed by real assets.