Bitbuy, a Canada-based cryptocurrency exchange company, has announced the release of its proof of reserve and security audit, along with announcements of new products and services.
To conduct the proof of solvency and reserves audit, Bitbuy engaged CipherBlade, the US-based blockchain forensics, investigative, and cybersecurity company.
Some of the key findings include:
- All fiat holdings (custodial or otherwise) reported by Bitbuy were verified by bank statements and accurately reflected in the Bitbuy administrative backend.
- The sum of digital assets held by Bitbuy’s cold and hot wallets matched the total amount of digital assets held across Bitbuy user accounts resulting in a 1:1 match of custodial assets.
- Bitbuy also passed evaluations of cold storage procedures, client information handling, company registration, licensing, and team background checks.
Rich Sanders, from CipherBlade:
“Bitbuy was extremely forthcoming in the information they provided, and this information was provided in a timely and complete matter. This commitment to transparency is something that should be both a consumer expectation and self-regulatory best practice. Higher expectations and accountability is something that will be great for both the Canadian space and blockchain industry in general.”
Additionally, Bitbuy officially announced the launch of their institutional-grade OTC (over-the-counter) desk for larger size digital currency transactions. Bitbuy’s OTC desk soft-launched in late 2018 and since then has completed transactions valued at more than $10,000,000.
Lastly, Bitbuy has also rolled out their ‘Pro Trade’ platform which includes advanced features, crypto-to-crypto trading, and a proprietary low latency order matching engine designed for high-frequency trading. Since launching the ‘Pro Trade’ beta in early April, the platform has processed over 10,000 trades.
Adam Goldman, President at Bitbuy:
“By building this product in-house, we maintain complete control over every facet of the business, giving our customers confidence in the transparency of our operations. We are not only a cryptocurrency exchange with proprietary technology and full back-office services, but also a technology company. We are excited to start the next chapter of Bitbuy with our ‘Pro Trade’ platform.”