TITLE: How to read Bitso's proof of solvency certificate
The solvency certificate shows the details of the zero-knowledge (zk) proof that Bitso generates to demonstrate its solvency. When the certificate status shows Solvent, this confirms that Bitso met all the requirements to be considered a solvent financial institution. You can also use the certificate's information to verify that solvency on your own.
How to download the certificate
All certificates are available at any time in the Profile section on Bitso.com. To get a copy, tap Download certificate.
Balance and solvency status
The certificate shows a table with the balance available when the report was generated, the solvency status, and the status on Etherscan. Here is what each column means:
- Cryptocurrency: right now, the solvency report only covers Bitcoin (BTC) and Ether (ETH). Bitso is working to add other cryptocurrencies in the future.
- Balance: the amount you held in your account, per cryptocurrency, at the time the report was generated.
- Solvency status: the Solvent status confirms that the zero-knowledge proof Bitso provided was audited and accepted as true by an external auditor.
How to verify the certificate on Etherscan
Etherscan is a tool that searches data on the Ethereum network and returns the results of that search. Bitso uses Etherscan to publish the zero-knowledge proof every time it generates a solvency report. When you tap Verify this certificate on Etherscan, you go to Etherscan and see the search result with the signature message for Bitso's most recent solvency proof.
Liabilities report
The liabilities report is an essential part of the solvency proof. That is why the certificate includes the Merkle tree used to generate that proof. You can download the Merkle tree and use the root hash, the leaf hash, and your account code to calculate, on your own, whether your balance was included in Bitso's liabilities.
What happens if you have no balance
If you had no BTC or ETH balance when the first reports were generated, the certificate may show an empty screen. Once you make a deposit in either of these two cryptocurrencies, your balance appears in the following report.
This content is for informational purposes only and is not investment advice. Buying, selling, trading, or using cryptocurrencies carries risks, including price volatility and loss of capital.