ForexMinute.com – In times when almost every renowned to unknown Bitcoin exchange shies away from revealing their reserves to customers, Canadian cryptocurrency exchange Vault of Satoshi is probably the first one to break this norm by making its cold wallet public.
The Director of Marketing of Vault of Satoshi, Mr. Adam Cochran today announced to launch full public proof of solvency, using which the customers will be able to validate their balances and overall funds of the exchange as well. The director however has ignored to make their hot wallets public due to various security reasons. Due to the unavailability of the information on hot wallet funds, “the total value may have a discrepancy of up to 5-6%,” says Adam.
Vault of Satoshi have introduced an option, which they call “BTC Proof of Solvency”, which can be well utilized by following the instructions as follows. Customers first have to navigate to Vault of Satoshi Security Center; then they have to select “BTC Proof of Solvency”, load Partial Trees List, Select Online Tools; and lastly, Copy and Paste Relevant Information to Validate the Holdings.
Introducing these services will easily lift off the burden from Vault of Satoshi that earlier required them to conduct regular third-party audits. Now, the customers will have direct access to the exchange’s overall funds that will help them stay aware of any kind of malicious activity, if conducted.
Previously, many Bitcoin exchanges have agreed to have third-parties conduct audits on their funds. They include Coinfloor, Bitfinex, BTC China, BitStamp, and several other cryptocurrency exchanges all around the world. After Mt. Gox mishap, the demands for such audits have been increased by customers to ensure honesty and transparency in funds.
Vault of Satoshi is thus sure to impress its existing and potential customers all at once by introducing full Proof of Solvency. The exchange had earlier inaugurated coin-to-coin trading as well.
To contact the reporter of the story: Yashu Gola at firstname.lastname@example.org
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