Proof of Reserves
Fraser Matthews, President
Netcoins understands the importance of transparency in our platform, and has put together a Proof of Reserves for its Canadian operation.
Any cryptocurrency that is held in a users Netcoins account is held in custody in a hot or cold storage wallet, which can be converted into Canadian dollars (CAD) at any time.
All custodied cryptocurrency assets are backed 1:1 at all times and at least 80% are held in an insured cold storage vault. All cold storage cryptocurrency assets are held with BitGo, our qualified and insured custodian.
Netcoins 2023 Q2 Proof of Reserves Report
Our proof of reserves and platform due diligence report was completed by the Blockchain Intelligence Group (BIG).
100.59% of Netcoins client funds are stored in a cold storage vault
Although our decision document requires Netcoins to hold over 80% of user funds in cold storage, Netcoins’ has a percentage cold storage reserve balance of 100.59% of its client funds across all tokens. ‘Any custodied cryptocurrency asset that is not held in a cold storage vault is held in hot wallets within Fireblocks and is insured by CoinCover. Crypto asset key material secured by Coincover is 100% insured against loss or theft. Coincover is based in the United Kingdom and is regulated by the U.K. Financial Conduct Authority.’ See full report here.