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Bitbuy releases Proof of Reserve, Security Audit report to boost ‘consumer confidence’ after QuadrigaCX episode

Jibin M George

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Bitbuy releases Proof of Reserve, Security Audit report to boost 'consumer confidence' after QuadrigaCX episode
Source: Pixabay

Months after the QuadrigaCX episode first came to light, its effects are still being felt by the crypto-verse. The whole episode highlighted the fact that despite cryptocurrency’s design for a trustless world, trust is the currency for the survival of crypto-exchanges. Following the call for increased regulation and transparency and in an effort to boost consumer confidence, fellow-Canadian exchange, Bitbuy, released its Proof of Reserve and Security Audit report.

The Canadian exchange engaged the services of Cipherblade to evaluate the exchange’s solvency, crypto-storage facilities, security, team risk and its KYC/AML initiatives. The background of the report cited the fact that QuadrigaCX was improperly run, did not have access to much of its fiat holdings in 2018, and did not do its due diligence to focus the investigation on Bitbuy’s own solvency and team risk.

The report made some key findings that could go some way in improving consumer confidence in crypto-exchanges.

The report found that all fiat holdings (Custodial or otherwise) reported by Bitbuy were backed by bank statements. Further, the report addressed any solvency concerns by stating that the sum of digital assets held in Bitbuy’s cold and hot wallets matched the sum of digital assets held across Bitbuy user accounts, resulting in a 1:1 match of custodial assets.

Cipherblade’s report made other findings as well. In an exceedingly positive appraisal, Cipherblade reported that Bitbuy’s cold storage was “unlikely to be compromised in any way”. The report also added that Bitbuy’s liquidity accounted for “exceeded industry standards”.



Bitbuy also aced the team risk test, with Cipherblade revealing that all background, previous employment, and ID checks for Bitbuy’s employees checked out. This evaluation was especially pertinent since QuadrigaCX made headlines after it was found that many of the people running the exchange had previously used fictitious names and aliases to pursue questionable pasts.

The Canadian exchange is presently trying to fill the void left by QuadrigaCX, which was arguably Canada’s largest crypto-exchange at its peak. Following the release of the security audit report, Bitbuy also launched its ‘Pro-Trade platform’ and an institutional grade OTC trading desk for large crypto-transactions.





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Jibin M George is a graduate in International Relations and Law with a growing interest in the world of cryptocurrency and blockchain technology

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Binance Coin [BNB] registers ATH as it surges by over 16,000% since inception

Namrata Shukla

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Binance coin [BNB] registers ATH as it surges by over 16,000% since inception
Source: Pixabay

The cryptocurrency market continued to register massive growth, as the prices of most major cryptocurrencies soared. However, the late entrant to the list, Binance Coin [BNB] is posing to be tough competition for other coins in terms of performance. BNB which entered the crypto market in July 2017, breached its all-time high and was trading at $28.79, at press time.

Source: Trading view

Source: Trading view

Binance Coin started out in July 2017 with a value of $0.1927 and marked its all-time high on May 18 at $31.91, according to the Trading View chart of the coin on Binance. BNB noted the growth of a massive 16,458.31% since 2017. However, until the beginning of 2019, BNB was valued at $6.59, after which the coin noted a surge by 384.15% and peaked at $31.



Source: CoinMarketCap

Source: CoinMarketCap

In the month of May, BNB noted a 28.16% growth, and the coin was valued at $28.66, with a market cap of $4.04 billion. The 24-hour trade volume of the coin was reported to be $551 million as it spiked by over 10% in a day. In the past seven days, the coin grew by 35.97%, but slipped by a minimal 0.25% in an hour.

BNB was highly traded on its native exchange, Binance via the BNB/BTC and BNB/USDT pairs. The BNB/BTC trading volume noted on Binance was $140 million, while the volume reported on the BNB/USDT pair was $132 million. The third place was taken by BKEX via the BNB/USDT pair as it registered a trading volume of $72 million.





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