Kraken is launching a new feature that allows its clients to verify their cryptocurrency balance through a cryptographic audit conducted by Armanino LLP.
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The exchange said in a press release the initiative will let clients prove their bitcoin (EXANTE: Bitcoin) and ether (ETH) balances are backed by real assets held in custody. Kraken added it has $19 billion in BTC and ETH.
As part of the Proof of Reserves audits, Armanino will conduct the verification process for Kraken semi-annually, following the attest standards used by the American Institute for Certified Public Accountants. The verification will reflect account balances at the time of the audit, but will not include any subsequent trades or deposits, Kraken says.
Earlier, iHodl reported that Kraken is working on a new marketplace for non-fungible tokens (NFTs) where users will be able trade, hodl and even use NFTs as collateral to borrow funds. Kraken CEO, Jesse Powell, said that the exchange is also working on a new system that will determine the liquidation value of the NFT deposited.
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