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Leading global cryptocurrency exchange, Tapbit, announces today that it is launching its Proof of Reserves Page, which will demonstrate to users that we are a full-reserve exchange, as supported by its Proof of Reserves (“PoR”), using the cryptographic-audited method and that users’ assets stored on the platform are safeguarded.
The Verified Proof of Reserve in collaboration with Hacken, a respected third-party auditor, is to provide additional transparency and assurance to its customers regarding the collateralization of their cryptocurrency holdings. The Proof-of-Reserve report, verified by Hacken, discloses that reserve wallets on the platform and the user’s assets serve as reassuring evidence and demonstrate that their assets are held at least at a 1:1 ratio.
TAPBIT Proof-of-Reserve report
Hacken, a well-known global firm providing audit, tax, and advisory services to more than 1,000 clients worldwide, collaborated with Tapbit for a third-party verification to validate the trustworthiness of platforms in the market. The attestation services offered by Hacken will empower Tapbit to improve transparency, ensuring that users can trust their assets and have better visibility and control over their funds and digital assets. By releasing the Proof of Reserves data, users will have access to updated and informative insights into Tapbit’s financial status, allowing them to have increased control over their assets stored on the platform, aligning with our commitment to maximum transparency and robust user protection policies.
In addition, to further enhance transparency and ensure the accuracy of the information on the page, Tapbit will introduce a new tool called the “Tapbit Wallet” check link, enabling users to conduct self-audits of their accounts. This feature will allow users to easily verify the security of their funds in just a click.
What is Proof of Reserves?
A third-party auditor conducts proof of reserves by creating a snapshot of the company’s balances, demonstrating transparent evidence that the crypto company possesses sufficient assets to cover its liabilities at any given time. This process assures customers that the crypto company is not vulnerable to a liquidity crisis and that they can withdraw their funds whenever they choose.
The Proof of Reserves page offers users a comprehensive range of information, including regular snapshots displaying the reserve pools’ balances, user education on Proof of Reserves and the significance of being fully reserved, and details on how the Tapbit Wallet supports and verifies the authenticity of the data presented by Tapbit.
The custodian provides transparency and proof of the existence of on-chain reserves and that the total amounts of those coins held and effectively at the disposal of the platform exceeds or is equal to the sum of all users’ holdings of those coins.
Why PoR Is Important In The Industry
The crypto industry is under scrutiny after the scandals and collapses of some giant crypto firms. The desire of users to invest and store assets on a secure platform has seen its high, as Tapbit has witnessed an increase in users recently. With the rollout of the Proof of Reserves page, Tapbit not only demonstrates well-rounded protection for users but also will continue to advocate more initiatives aiming to offer the safe adoption of cryptocurrency worldwide and a sustainable and trustworthy environment in the crypto universe
Another Tapbit Security Measure: A 50 Million Insurance Fund For Users
Tapbit has heavily invested in personnel and resources to enhance security measures. The company prides itself on having a top-notch security team and has introduced the Tapbit Insurance Fund, which aims to protect users’ assets in case of unexpected incidents. Presently, the insurance fund stands at 50 million US dollars, guaranteeing full compensation for any losses due to platform-related issues during trading.
The Insurance Fund, in conjunction with the Proof-of-Reserve, offers an impartial and transparent view of a crypto exchange’s financial support, empowering customers to make better-informed decisions. Tapbit reaffirms its unwavering dedication to sustainable development that prioritizes customer safety above all else.
About Hacken
Hacken is a trusted blockchain security auditor on a mission to make Web3 a safer place by contributing to security standards. Established in 2017, we have audited 1,500 clients and completed over 2,000 audits.
About Tapbit
Tapbit Exchange is a leading cryptocurrency exchange platform that offers a wide range of trading pairs, competitive fees, and advanced security features. Tapbit is committed to providing users with a seamless and secure trading experience
