OKCoin, one of China’s largest Bitcoin exchanges, has recently had an audit of its platform and holdings.
The result is favourable: the company is holding 104% of what it says it did.
The audit was performed by Ripple Labs CTO Stefan Thomas, who has performed exchange audits before.
Precedent
OKCoin follows in the footsteps of many other exchanges as well who have decided to open their books to the public in hopes of inspiring confidence in their platform.
Coinfloor announced a “Provable solvency report” in april, just shortly after Canadian exchange Vault of Satoshi offered a similar “proof of solvency” plan.
These moves are becoming more integral to the Bitcoin world after the collapse of Mt. Gox, Neo & Bee, and other major figures in the Bitcoin world.
OKCoin is one of China’s most significant Bitcoin exchanges, managing more than 50% of all Bitcoin purchases in China. While some may consider this a worrisome situation, putting too many eggs in one basket, OKCoin’s audit should assuage some concerns.
OKCoin Audit Reveals 104% Solvency
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