LedgerLens
PROOF OF RESERVES
The Network Firm’s Proof of Reserves system is an institutional attest reporting and user verification application enabling trading platforms and custodians to prove to their customers that the liabilities held on platform are reserved by like-kind digital assets. The PoR application empowers customers to cryptographically verify that their account balances (liabilities) have been included in the periodic assessment and also review the attest reporting to better understand the procedures performed and results of those procedures.
Value
Providing transparency to your customers is a competitive advantage and a compliment to your other compliance and financial reporting initiatives. The value of proof of reserves can be seen from the high level of retail and institutional demand for additional assurance over digital asset reserves and lawmakers and regulators across the globe are already working to make proof of reserves reporting a licensing standard.
Platform Users
Enhances reputation and confidence with current and prospective user base.
Regulators
Leverage TNF’s accounting expertise to fulfill international and domestic regulatory requirements.
Management
Increase management and board confidence in your own system of internal controls through a proof of reserves program.
Explained
Retail and institutional customers are demanding more transparency from their exchange and custody partners. Exchanges and crypto platforms are trying to do more to increase transparency, but the market lacks a uniform, third-party-attested approach including a Merkle Tree method for customer verification.
As the first CPAs to perform a proof of reserves engagement under the Merkle-assisted model, we are forging the standard. The Network Firm’s Proof of Reserves system delivers you a robust, repeatable, and reliable solution for even the largest and most complex operations.
Our expert team will work with you to define the scope of your attest report coverage, produce the customer liability set, test asset ownership and also produce the Merkle tree and database for the customer verifier. Our high-availability API will serve your report and the customer verification, allowing you to show a proof of reserves on your public website and/or your permissioned customer portal.
TNF’s Proof of Reserves approach and API service is detailed in our technical documentation at tech.thenetworkfirm.info. Contact us to learn more, see detailed preparation steps, and get your proof of reserves up and running.
Integrations
The Network Firm’s proof of reserves approach is flexible your platform’s specific products, asset scope and even the way you record customer liabilities in company systems. We can support all blockchains and tokens for point in time balance verification as well as ownership testing procedures. Whether you have a limited asset scope or a complex product offering and many assets or trading pairs, our team and technology is ready to support your proof of reserves.
Pricing
Proof of Reserves is offered to clients by packaging 4 quarterly or semi-annual attestation reports together with a license to the Merkle Tree verification portal and API for 12 or 24 months. We offer standard pricing based on the number and complexity of asset and liability pairs included within the scope of the Proof of Reserve. Schedule a demo or contact us for a quote today.