Dedicated to revolutionizing the accessibility of digital assets and committed to implementing industry best practices, SunCrypto proudly announces the release of its Proof of Reserve and Liability Audit Report for July 2023.SunCrypto previously published its first-ever proof of reserve and liabilities audit report on December 27, 2022, providing our users with a sense of relief. To read the first edition of SunCrypto’s proof of reserve and liability audit report, click on the link (Suncrypto Published POR and Liabilities With Leading Audit Firm - December 2022).
SunCrypto is taking a significant step forward in the world of cryptocurrency exchanges embracing transparency and security as core principles.
You can see this by downloading the report Suncrypto Audit Certificate Report.
SunCrypto's Proof of Reserve Report - July 2023
As promised, SunCrypto continues to uphold its commitment to transparency by sharing its Proof of Reserve report on a half-yearly basis. The report is released in collaboration with Spark & Associates, a 30-year-old well-known chartered accountants firm.
The report for the first half of 2023 provides a snapshot of SunCrypto's holdings as an exchange. This assures users that it does not engage in leveraging or creating fractional reserves against their funds. SunCrypto operates as a trustworthy exchange, safeguarding user assets.
Ensuring Simple Accessibility to Digital Assets
Simplifying access to digital assets for the masses has always been SunCrypto's mission. The platform boasts user-friendly features that make cryptocurrency trading easier and more accessible than ever before:
- Earn: Unlock opportunities to earn through various investment options such as Staking.
- VDA Trading: Engage in seamless and hassle-free trading of virtual assets.
- TDS Reports: Access one-tap availability of TDS reports.
- TaxCryp Integration: Calculate crypto taxes within minutes using TaxCryp integration.
Understanding Proof of Reserves
For those unfamiliar with the concept, Proof of Reserve is a crucial audit process. In this process a cryptocurrency exchange collaborates with a third-party auditor to verify its assets on the balance sheet, ensuring they match customer holdings.
This practice gained traction after the FTX incident, which led to a market crash in 2022. Moreover, it was proposed by Changpeng Zhao of Binance as a means to promote transparency and instill trust in the industry.
Importance of Proof of Reserves and Liabilities
While Proof of Reserves provides valuable insight into an exchange's asset value, it presents only one side of the coin. However, SunCrypto takes it a step further by considering both assets and liabilities. The company introduced the Reserves to Liabilities (R2L) Ratio: Total assets owned (on/off-chain) divided by total liability and contingencies. With this comprehensive approach, SunCrypto offers a more complete picture of the exchange's financial standing.
Emphasizing Safety, Transparency, and Education
SunCrypto understands that ease of accessibility goes hand in hand with ensuring the safety of customer funds and maintaining transparency. Consequently, by regularly publishing its Proof of Reserves report, SunCrypto aims to empower its users and promote trust in the digital asset ecosystem.
Apart from that, SunCrypto also aims to educate its users about the latest developments transpiring in the crypto industry via its academic website, SunCrypto Academy. Moreover, as SunCrypto strides ahead with its commitment to security, accessibility, and transparency, it sets a benchmark for other cryptocurrency exchanges to follow suit.
With SunCrypto's Proof of Reserve and Liability Audit Report, users can trade with confidence, knowing their assets are in safe hands.
Disclaimer: Crypto products and NFTs are unregulated and can be highly risky. There may be no regulatory recourse for any loss from such transactions. All content provided is for informational purposes only, and shall not be relied upon as financial/investment advice. Opinions shared, if any, are only shared for information and education purposes. Although the best efforts have been made to ensure all information is accurate and up to date, occasionally unintended errors or misprints may occur. We recommend you to please do your own research or consult an expert before making any investment decision. You may write to us at [email protected]