Kraken Says Proof-of-Reserves Audit Shows $19B in Bitcoin and Ether

Kraken Says Proof-of-Reserves Audit Shows B in Bitcoin and Ether
Kraken on Thursday announced the results of a proof-of-reserves audit showing the crypto exchange held $19 billion in bitcoin and ether. Other crypto assets were not included in the audit.Armanino completed the independent audit on Dec. 31, 2021, a Kraken representative told CoinDesk. A culmination of “years” of work, said Chief Product Officer Jeremy Welch, it required reconstructing a merkle tree to prove every coin was proper.The audit’s release comes as crypto firms race to burnish their credibility amid mounting scrutiny from regulators and traders. Kraken itself has made no secret it’s plans to go public, making brand perception all…