Coinbase, a cryptocurrency exchange, published an article titled “How Crypto Companies Provide Proof of Reserves” on its official website.
Coinbase has stated that, as a public company, has certified its reserves using audited financial statements and is investigating how to use more crypto-native methods to prove reserves.
The company’s financials are audited quarterly by an external auditor, and they file annual audited financial statements with the SEC. When external auditors come in to look at our cold storage reserves, the randomly selected addresses claim ownership and require us to move those funds through our key signing ceremony to demonstrate ownership.
Coinbase also announced a $500,000 developer grant program to help those making progress in on-chain accounting, privacy-preserving techniques for proof of assets or liabilities (including the use of zero-knowledge techniques), and other related technologies or teams.
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