KuCoin Hires Mazars to Audit its Proof of Reserves 

• The Chief Executive Officer of KuCoin quoted that auditing PoR is the next step to providing transparency. 

KuCoin is among the top five best crypto exchanges globally and was founded by Michael Gan and dozens of crypto evangelists. The exchange was founded in September 2017 and is headquartered in Singapore. 

According to the recent announcement on December 5, 2022, the KuCoin cryptocurrency exchange has hired Mazars, an international accounting firm, to audit its proof of reserves(PoR). 

The motto behind the auditing is to provide users additional transparency and reporting on whether their in-scope assets are collateralized, along with details on main, trade, margin, and robot. It accounts for Bitcoin and Ether, including stablecoins Tether and USD. 

The auditing procedure will last a few days, and it is believed that the compiled audit report will be live on the KuCoin website in a few weeks. 

The Chief Executive Officer of KuCoin quoted that auditing PoR is the next step to provide transparency to the platform users about the funds. 

Wiehann Olivier, a partner at KuCoin, also notes, “After recent events, there is a dire need in the industry for additional transparency, and we are confident that Mazars’ PoR service offering will KuCoin and other international cryptocurrency exchanges will aid in building trust through transparency.”  

According to reliable data KuCoin, the crypto exchange has approximately 20 million users globally, and the exchange operates its business in more than 200 countries and twenty-plus languages.  

Currently, approximately 700+ coins and cryptos are registered on the KuCoin platform. 

On August 1, 2022, TheCoinRepublic reported that KuCoin became the first centralized crypto exchange to launch NFT ETF; the new product of the ETF was launched with an alliance with Fraction Protocol. 

The New NFT ETF of KuCoin is a USDT (Tether) dominated product. The major purpose of the NFT ETF is to underlie and mark Non-fungible assets like the Bored ape yacht.

Johnny Lyu, the chief executing officer of KuCoin, mentioned in his statement that ” KuCoin will continue to offer a user-friendly product for investors allowing them to easily participate in NFT investments.”   

Johnny KuCoin became the first centralized crypto exchange for supporting NFTs and EFTs, allowing users to trade and invest in top NFTs directly by using NFTs.

The NFTs industry is expanding at a rapid speed; its mass adoption will show a positive impact in the upcoming future. KuCoin is listed among the top and best cryptocurrency exchanges. In December 2021, a registered investment adviser and fintech firm launched EFTs, although KuCoin is not listed among the first companies to launch this

Steve Anderson is an Australian crypto enthusiast. He is a specialist in management and trading for over 5 years. Steve has worked as a crypto trader, he loves learning about decentralisation, understanding the true potential of the blockchain.

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