Mazars releases KuCoin’s verification PoR report, concluded that BTC, ETH, USDT and USDC reserves are overcollateralized
Global leading audit firm Mazars has released a report about KuCoin’s Proof-of-Reserves to determine the total collateralization ratio of their asset holdings. The report prepared by Mazars concluded that KuCoin’s BTC, ETH, USDT and USDC reserves are overcollateralized, which are 101%, 100%,102% and 101% respectively. Mazars verified KuCoin’s total reserves and liabilities on Nov. 26.
The collateralization analysis assets included customers’ main, trade, margin, robot, contract, high frequency trading, pool, risk and trust accounts for BTC, ETH, USDT and USDC held on the Bitcoin, Ethereum, Tron, Algorand, EOS, Arbitrum and KuCoin Community Chain. Meanwhile, KuCoin launches the proof-of-reserves website, allowing users to verify their assets on the Merkle Tree.
Johnny Lyu, CEO of KuCoin, commented on this, saying, "As a people's exchange, we value users' trust in us and commit to ensuring that we contribute in every way to building a culture of transparency in the industry. Our cooperation with Mazars is just one of the measures to ensure we follow through on that commitment to our users. At the same time, KuCoin will continue to explore more ways to better serve our users."
Please click here for the full report and KuCoin users can verify that their assets were included in the report independently.
Launched in September 2017, KuCoin is a global cryptocurrency exchange with its operational headquarters in Seychelles. As a user-oriented platform with a focus on inclusiveness and community action reach, it offers over 700 digital assets and currently provides spot trading, margin trading, P2Pfiat trading, futures trading, staking, and lending to its 27 million users in 207 countries and regions.
In 2022, KuCoin raised over $150 million in investments through a pre-Series B round, bringing total investments to $170 million with Round A combined, at a total valuation of $10 billion. KuCoin is currently one of the top 5 crypto exchanges according to CoinMarketCap. Forbes also named KuCoin one of the Best Crypto Exchanges in 2021. In 2022, The Ascent named KuCoin the Best Crypto App for enthusiasts.
To find out more, visit https://www.kucoin.com.