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Kraken customers can now independently verify that the bitcoin funds they hold on the cryptocurrency exchange are backed by actual assets after the firm launched its Proof of Reserves feature, enabling a new level of transparency and accountability to emerge in the industry.

The feature is the product of an independent, cryptographic audit of Kraken’s funds performed by accounting firm Armanino LLP, which verified the amount of bitcoin the exchange holds on behalf of its clients with the help of Merkle Trees.

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