We’re thrilled to announce a groundbreaking advancement in cryptocurrency transparency with the launch of our Proof of Funds system. Designed to replace the outdated Proof of Reserves, our innovative solution promises continuous, transparent, and auditable verification of funds held by cryptocurrency exchanges and custodians.
Breaking the Mold: Why Proof of Funds?
For too long, the cryptocurrency industry has relied on the flawed methodology of Proof of Reserves. This traditional approach, used by most major exchanges, captures only a snapshot of an entity’s funds at a specific moment in time. It has proven to be susceptible to manipulation and provides a limited view of the actual state of client funds. Historical incidents and the lack of comprehensive transparency have underscored its deficiencies.
Enter TRES’ Proof of Funds. Unlike the static and manipulable Proof of Reserves, our system offers continuous, real-time monitoring and verification of funds. This dynamic approach ensures that exchanges and custodians can provide an accurate and ongoing depiction of their holdings, bolstering trust and transparency in the industry.
Setting a New Standard
TRES’ Proof of Funds is a game-changer. It enables authentic verification that a cryptocurrency exchange or any other entity holding users’ funds can prove their customer balances at any given moment—both historically and continuously. This capability not only enhances transparency but also strengthens regulatory compliance and user trust.
Our launch of the Proof of Funds system signifies the much-needed end of an era for the outdated Proof of Reserves approach. By introducing a solution that offers real-time visibility into fund movements and activities while addressing the deficiencies of outdated methods, we are setting a new standard for transparency and accountability.
Tal Zackon – TRES CEO & Co-Founder
Transforming the Industry
Already, leading exchanges are adopting TRES’ Proof of Funds system to enhance their transparency and accountability. By leveraging our real-time and historical monitoring capabilities, these institutions can ensure a transparent and accurate depiction of their funds. This not only meets regulatory requirements but also builds greater confidence among users and stakeholders.
Our Proof of Funds system empowers exchanges to seamlessly reconcile on-chain data with their internal systems. This functionality simplifies audit reviews and enhances the accuracy of financial reporting for customer-held assets. By providing comprehensive transparency, TRES is helping to create a trustworthy financial environment for the cryptocurrency industry.
A Future of Trust and Transparency
As we move forward, TRES is committed to setting new benchmarks for transparency and accountability. Our Proof of Funds system is just the beginning. We believe in a future where cryptocurrency exchanges and custodians operate with complete visibility, ensuring that users and regulators alike can trust in the integrity of their operations.
If you’re interested in seeing a demo of what Proof of Funds is capable of, book a call with one of our experts here: Book a Proof of Funds demo
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