Luno Users Can Now Verify Their Crypto Holdings With Proof of Reserves Reports
by Fintech News Malaysia February 15, 2024Luno, a regulated digital asset exchange in Malaysia, has announced a new initiative aimed at bolstering transparency for its users by issuing monthly proof of reserves reports.
This move is designed to assure customers that their digital assets are accurately reflected and fully backed on a one-to-one basis within their Luno wallets.
Luno aims to reinforce customer confidence by demonstrating that all cryptocurrencies held on the platform are securely managed and not used for other purposes.
The reports, provided by the international audit, tax, and advisory firm Moore, will utilise Merkle Tree verification to ensure accuracy and security.
Dale Russell
Dale Russell, Director of Blockchain and Digital Assets at Moore said,
“Utilising the Merkle Tree method for generating proof of reserve reports is considered the industry’s gold standard of verification. Our Moore-powered platform enhances transparency, credibility, and trust between platforms and their users.
Large amounts of data are consolidated in a privacy-friendly and tamper-proof manner, so individual data points can be verified while ensuring that personal information remains confidential.”
Luno had recently clinched the A-grade rating in CCData’s Exchange Benchmark, which evaluates the risk associated with digital asset exchanges based on various metrics.
Customers can now verify their crypto investments through a dedicated tool on Luno’s website, where the monthly proof of reserves reports will also be available.
Scarlett Chai
Scarlett Chai, Luno’s Malaysia Country Manager said,
“Although there is currently no legal or regulatory obligation to publish proof of reserve reports, we believe it is an important step to build trust in the crypto space. Luno’s 12 million global customers – with over 800,000 of those in Malaysia – can rest assured that their wallets do contain the crypto stated.
This new report is an external validation of our claim that Luno is a safe platform to buy and store crypto. It independently verifies that the cryptocurrency we have on hand for each customer exists with a 1:1 backing across all digital assets, and it remains untouched.”
Featured image credit: Edited from Freepik
