Proof of Reserves at CoinPoker

A new level of transparency at CoinPoker

On July 27, 2024, the largest crypto poker room announced the availability of detailed information about the site's financial reserves.

“For the first time in the history of online poker, players can verify that Coinpoker maintains a cryptocurrency reserve of at least 100% of the deposits made by players.”

All this information is available in the "Trust" section on the CoinPoker website.

(The screenshot shows the information as of July 31, 2024.)

What information is available to the players?

• The amount of cryptocurrencies per asset and address.
• By clicking on the wallet, you can verify all transactions on the Blockchain.
• Most of the coins are stored in cold wallets. Most of the funds are stored in USDT ERC-20 (Ethereum protocol).
• The level of security of players' deposits. It's over 100%.
• Four days after the information was published, the amount of assets has grown by $0.66MM.

What is a Proof of Reserves?

The Proof of Reserves in the Blockchain is real-time proof of the transactions of a particular wallet, over which there can be no external interference.

This system proves without a doubt that CoinPoker has enough money to cover the players' balance, which means that for every unit of cryptocurrencies in the players' account, the poker room has an equivalent amount in its reserve.

Verifying this segregation of funds is proof of trust for CoinPoker (as this data corresponds only to the deposits of the players and not to the corporate balance of the room). The Proof of Reserves confirms that the players' funds are safe in case of any hacking.

To date, only a few cryptocurrency exchanges have shared such information.

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