WonderFi Technologies Releases Proof Of Reserves For Bitbuy, Coinberry
Amid FTX’s rapid collapse, WonderFi Technologies WONDF disclosed proof of reserve audits for Bitbuy and Coinberry.
The technology company announced its “Proof of Reserves & Platform Due Diligence Audit” for its operating subsidiaries Bitbuy Technologies Inc. and Coinberry Limited, even as significant cryptocurrency exchanges scramble to disclose their wallet details and vow audits amid the FTX drama.
The audit was conducted by Blockchain Intelligence Group for both Bitbuy and Coinberry, which are registered crypto asset trading platforms with the Ontario Securities Commission.
What Did The Audit Find?
According to WonderFi Technoloiges, Bitbuy and Coinberry meet and exceed their own mandates of requiring 95% and 80% of all customer assets to be in cold storage, respectively.
Also, all Bitbuy customer balances are accounted for, with 97.16% of all customer funds in a third-party insured custodian account with BitGo Trust Company, Inc. Bitbuy’s operational hot wallet balances account for the remainder of 2.84% of customer balances.
All Coinberry customer balances are accounted for, with 96.28% of all customer funds in a third-party insured custodian account with Gemini Trust Company, LLC. Coinberry’s operational hot wallet balances account for 3.72% of customer balances.
Both Coinberry and Bitbuy were scored as “low-risk” platforms during an operational assessment that reviewed business activities, company registration, KYC/AML policies, and a number of other criteria.
At least nine cryptocurrency exchanges have come forward to provide proof of fund reserves as the market comes to terms with insolvency fears on the heels of FTX’s native token FTT FTT/USD falling off a cliff and leading to the bankruptcy of FTX.
The announcement lead to dramatic volume and price increases on WonderFi Technologies’ listing on the Toronto Stock Exchange today. At one point, WNDR stock was higher by +94.28% before settling to a +22.86% gain to close the Monday session.
This article was originally published on Benzinga and appears here with permission.