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News

Grayscale Refuses To Publish Proof-of-Reverse

November 19, 2022 - Around 2 mins mins to read
In order to demonstrate the underlying assets of its digital currency offerings, Grayscale Investments has declined to disclose on-chain proof of reserves or wallet addresses, claiming security concerns.
Grayscale Refuses To Publish Proof-of-Reverse

Grayscale provided details on the security and storage of its cryptocurrency assets, stating that all of the digital currency that underpins its investment products is kept in Coinbase’s custody service but refraining from providing wallet addresses.

The company continued that they realize the previous point, in particular, will disappoint some, but panic induced by others is not a good enough excuse to violate intricate security systems that have protected our clients’ funds for years.

Grayscale Refuses To Publish Proof-of-Reverse

Alesia Haas, the CFO of Coinbase, and Aaron Schnarch, the CEO of Coinbase Custody, co-signed a letter that Grayscale shared that outlined its holdings by investment product, reaffirmed that the assets are secure, that each product has its own on-chain addresses.

The action comes as pressure on the cryptocurrency industry to implement proof of reserves grows in the aftermath of FTX’s liquidity problems and eventual bankruptcy. The call was made by Binance CEO Changpeng Zhao shortly after the collapse of FTX.

DISCLAIMER: The Information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.

Join us to keep track of news: https://linktr.ee/coincu

Website: coincu.com

Harold

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Proof-of-Reverse

Author

Harold

With a passion for untangling the complexities of the financial world, I've spent over four years in financial journalism, covering everything from traditional equities to the cutting edge of venture capital. "The financial markets are a fascinating puzzle," I often say, "and I love helping people make sense of them." That's what drives me to bring clear and insightful financial journalism to the readers of Coincu.
News

Grayscale Refuses To Publish Proof-of-Reverse

In order to demonstrate the underlying assets of its digital currency offerings, Grayscale Investments has declined to disclose on-chain proof of reserves or wallet addresses, claiming security concerns.
Grayscale Refuses To Publish Proof-of-Reverse

Grayscale provided details on the security and storage of its cryptocurrency assets, stating that all of the digital currency that underpins its investment products is kept in Coinbase’s custody service but refraining from providing wallet addresses.

The company continued that they realize the previous point, in particular, will disappoint some, but panic induced by others is not a good enough excuse to violate intricate security systems that have protected our clients’ funds for years.

Grayscale Refuses To Publish Proof-of-Reverse

Alesia Haas, the CFO of Coinbase, and Aaron Schnarch, the CEO of Coinbase Custody, co-signed a letter that Grayscale shared that outlined its holdings by investment product, reaffirmed that the assets are secure, that each product has its own on-chain addresses.

The action comes as pressure on the cryptocurrency industry to implement proof of reserves grows in the aftermath of FTX’s liquidity problems and eventual bankruptcy. The call was made by Binance CEO Changpeng Zhao shortly after the collapse of FTX.

DISCLAIMER: The Information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.

Join us to keep track of news: https://linktr.ee/coincu

Website: coincu.com

Harold

Coincu News