We are working on several strategies to provide transparency to our clients. However, some of these actions will take time because we don't want to provide a fast solution, but a well structured one.
What we already did
A Merkle tree and a liabilities report: We've created a Merkle tree so that clients can validate their balance and our solvency. You can learn more about it here:
What is coming next
Third-party audit: We are looking for an external ally to validate our responsibilities, assets, and advocate for our solvency. This will assure you that what we say is accurate.
Industry Working Group: We have been in contact with many reputable companies and recognized leaders in our industry to work together to build an industry standard.
Zero-Knowledge (“ZK”) Proof: A ZK proof is a cryptographic mechanism where one party can prove to the other that something is accurate without revealing any additional information. We believe that the trust-based processes that require third parties, which we inherited from the traditional financial system, should be replaced with cryptographic proofs. Therefore, we believe that ZK tests will become the industry standard. ZK testing will allow creditworthiness to be shared without exposing sensitive information or requiring third-party auditing and trust-based certifications.
We will continue to work with regulators to create a regulatory framework that protects customers above all else. As the crypto industry continues to evolve, we will remain committed to sharing industry best practices and creating policy frameworks that create a more transparent, safe and responsible industry.
Learn more here:
For informational purposes only, this is not investment advice. When buying, selling, trading or using cryptocurrencies you are subject to certain risks including price volatility and loss of capital, for more information please visit the following link.