In a world where asset security is paramount, Tapbit takes a significant step forward. With its recent Proof of Reserves (PoR) audit, Tapbit strengthens its commitment to transparency, assuring users that every crypto asset held on the platform is backed with a 1:1 reserve. Verified by the trusted third-party auditor Hacken, this audit showcases Tapbit’s dedication to upholding robust security standards and cultivating user trust.
Key Takeaways:
- Tapbit maintains a 1:1 reserve, fully backing all user assets.
- Independent auditor Hacken verified Tapbit’s BTC and ETH holdings.
- The audit confirms Tapbit’s transparency and security commitment.
Proof of Reserves is more than just a buzzword; it’s a verification process that guarantees the assets held by Tapbit match the funds available to users. Through a meticulous examination, Hacken has verified that Tapbit maintains a reserve ratio of over 100%, fully covering user liabilities. This means you can trust that your assets are securely backed, available for withdrawals, and accurately accounted for at all times.
The first and all future Proof of Reserves (PoR) reports can be found on Tapbit’s PoR page.
Key Findings from Tapbit’s Latest Audit
Conducted on October 31, 2024, Tapbit’s PoR audit by Hacken provides verifiable proof of asset security, transparency, and availability. Here are some highlights:
- BTC Reserve Ratio: 2,341%
- ETH Reserve Ratio: 2,431%
- In-Scope Assets: Bitcoin (BTC) and Ethereum (ETH)
With these exceptionally high collateral ratios, Tapbit not only meets but exceeds standard reserve requirements, reinforcing the security of its BTC and ETH holdings.
The Audit Process: A Look Inside Hacken’s Methodology
To achieve an unbiased, thorough assessment, Hacken followed an established, transparent audit process. Key steps included:
- Preliminary Meetings: Hacken initiated the audit with meetings to understand Tapbit’s asset management and operational procedures.
- Independent Balance Verification: Using proprietary algorithms, Hacken cross-verified Tapbit’s reported balances, ensuring accuracy across all assets.
- Proof of Ownership Verification: By verifying the ownership of Tapbit’s wallets through digital signatures and transaction confirmations, Hacken confirmed that Tapbit retains full control of all in-scope assets.
This multi-layered process, enhanced with robust data comparison techniques, ensures that Tapbit’s reported reserves are precise and reliable.
What Tapbit’s PoR Means for You
For crypto traders and investors, trust and security are vital. Tapbit’s 1:1 asset backing guarantees that all user funds are fully supported, ensuring that you can trade or withdraw your assets anytime with confidence. The PoR audit serves as a beacon of security, showing Tapbit’s transparency and commitment to safe, dependable financial management.
Worried about funds safety? Find safest crypto exchanges.
Most reputable crypto exchanges have already implemented PoR, because it’s an important transparency tool for users. Earlier this year in August, we’ve seen Bitunix and Poloniex add PoR.
Experience Safe, Transparent Crypto Trading with Tapbit
Tapbit’s Proof of Reserves audit is a testament to its dedication to transparency and user trust. In addition to PoR, Tapbit also has a $50 million insurance fund, further bolstering confidence in asset safety. As you consider platforms to secure your crypto assets, Tapbit stands out as a safe, reliable choice. For those serious about crypto, this level of security is invaluable.
