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 2022 Q3 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.

 

Crypto Token Percentage of Funds in Cold Storage Validation Timestamp
BTC 100%+ 11-24-2022 12:29
ETH 100%+ 11-24-2022 12:34
LTC 100%+ 11-24-2022 12:39
BCH 100%+ 11-24-2022 12:32
DAI 100%+ 11-24-2022 12:40
UNI 99.96%+ 11-24-2022 12:40
SAND 100%+ 11-24-2022 12:40
AXS 100%+ 11-24-2022 12:40
MKR 100%+ 11-24-2022 12:40
AAVE 100%+ 11-24-2022 12:40
GRT 99.11%+ 11-24-2022 12:40
CHZ 100%+ 11-24-2022 12:40
BAT 100%+ 11-24-2022 12:40
GALA 100%+ 11-24-2022 12:40
APE 100%+ 11-24-2022 12:40
MATIC 99.97%+ 11-24-2022 12:40
SHIB 100%+ 11-24-2022 12:40
LINK 99.79%+ 11-24-2022 12:40
SUSHI 100%+ 11-24-2022 12:40
YFI 100%+ 11-24-2022 12:40
ENJ 100%+ 11-24-2022 12:40
FTM 100%+ 11-24-2022 12:40
CRV 100%+ 11-24-2022 12:40
USDC 100%+ 11-24-2022 12:40
XRP 100%+ 11-24-2022 12:54
XLM 100%+ 11-24-2022 12:56
ALGO 99.95%+ 11-24-2022 01:01
AVAX 100%+ 11-24-2022 01:02
EOS 100%+ 11-24-2022 01:08
ETC 99.97%+ 11-24-2022 01:04