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WonderFi Releases Proof of Reserves and Platform Due Diligence Reports for Bitbuy and Coinberry
Toronto, Ontario--(Newsfile Corp. - November 14, 2022) - WonderFi Technologies Inc. (TSX: WNDR...
About this update from Wonderfi Technologies Inc
[{"type":"text","content":"WonderFi Releases Proof of Reserves and Platform Due Diligence Reports for Bitbuy and CoinberryToronto, Ontario--(Newsfile Corp. - November 14, 2022) - WonderFi Technologies Inc. (TSX: WNDR) (OTCQB: WONDF) (WKN: A3C166) (the \"Company\" or \"WonderFi\") is pleased to announce, in connection with the Company's commitment to a transparent crypto industry in Canada, it has completed a \"Proof of Reserves & Platform Due Diligence Audit\" for 2022 conducted by an independent third party, Blockchain Intelligence Group for its operating subsidiaries Bitbuy Technologies Inc. (\"Bitbuy\") and Coinberry Limited (\"Coinberry\"), each of which are registered crypto asset trading platforms with the Ontario Securities Commission and each of the provinces and territories of the Canadian Securities Administrators (the \"Canadian Regulators\").The recent Proof of Reserves & Platform Due Diligence Audit is the first by WonderFi for both Bitbuy and Coinberry, and follows the same format as Bitbuy's previous Proof of Reserves Audits in 2019, 2020, and 2021.The 2022 Proof of Reserves & Platform Due Diligence Audit consists of an external review of counterparty risk associated with the operations of Bitbuy and Coinberry, as well as an assessment of client funds held in cold storage for both companies. Key FindingsBitbuy and Coinberry meet and exceed their own mandates of requiring 95% and 80% of all customer assets to be in cold storage, respectively.All Bitbuy customer balances are accounted for, with 97.16% of all customer funds in a third-party insured custodian account with BitGo Trust Company, Inc. Bitbuy's operational hot wallet balances account for the remainder of 2.84% of customer balances.All Coinberry customer balances are accounted for, with 96.28% of all customer funds in a third-party insured custodian account with Gemini Trust Company, LLC. Coinberry's operational hot wallet balances account for the remainder of 3.72% of customer balances.Both Coinberry and Bitbuy were scored as \"Low Risk\" platforms during an operational assessment that reviewed business activities, company registration, KYC/AML policies and a number of other criteria.Pursuant to their respective registrations with the Canadian Regulators, Bitbuy and Coinberry are not currently permitted to extend clients margin, loans or other leverage with respect to th...