Global digital asset exchange, Gate.io has received a 100% “proof of assessment” certificate after completing a thorough audit performed by the leading accounting firm Armanino LLP. The certificate states that Gate.io’s collateralization ratio (assets-to-liabilities) stands at 104%; Gate.io has Bitcoin reserves exceeding 100% of customer liabilities. With this new certification from Armanino, Gate.io also becomes the first-ever mainstream exchange to receive a 100% proof of its reserves.
In Feb 2020, Gate.io released a technical proof about providing users with a method to check their collateral, including their total assets on the platform. This feature allows Gate.io users to check their balance on the website, where the written audit report and the Merkle tree of the hash value of users’ total assets are shown; Gate.io users can exercise their rights to check how their assets are placed using the Merkle Tree.
“The latest BTC Reserves Assessment Report from Armanino is proof that our users’ assets are 100% safe and we are excited to pass on this confidence to our users. This is a significant addition to our suite of user transparency and security protocols. Generally, in a centralized exchange, users do not know how their assets are placed or if the company reserves are lower than the recorded assets in the database. This could pose tremendous risks to the users, including delayed withdrawals. However, our successful reserve assessment audit is a testament to how we are users-first,” said Marie Tatibouet CMO at Gate.io.
Gate.io and Armanino collaborated to perform a Proof of Reserves assessment earlier this year. Armanino followed a process following “Statement on Standards for Consulting Services” promulgated by the American Institute of Certified Public Accountants (AICPA).
Read More: GlobalFintechSeries Interview with Erick Pinos, Ecosystem Lead at Ontology
