Bitbuy Completes Proof of Reserve Audit, Launches ‘Pro Trade’ and OTC Desk
May 06, 2019
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TORONTO,-- Bitbuy, one of Canada’s leading cryptocurrency companies, released its Proof of Reserve and Security Audit today, along with announcements of new products and services.
With a forward-looking approach to foreseeable regulatory oversight and the recent QuadrigaCX fallout, Bitbuy believes that additional efforts are needed to promote transparency to users of their platform. The Proof of Reserve and Security Audit was conducted to evaluate Bitbuy’s cryptocurrency storage methodologies, asset segregation, solvency, security, and included a team risk test on all management and staff.
To conduct the Proof of Solvency and Reserves Audit, Bitbuy engaged CipherBlade; a US-based blockchain forensics, investigative, and cybersecurity company. Bitbuy and CipherBlade have made the report available in full on the Bitbuy homepage.
Some of the key findings include:
- All fiat holdings (custodial or otherwise) reported by Bitbuy were verified by bank statements and accurately reflected in the Bitbuy administrative backend.
- The sum of digital assets held by Bitbuy’s cold and hot wallets matched the total amount of digital assets held across Bitbuy user accounts resulting in a 1:1 match of custodial assets.
- Bitbuy also passed evaluations of cold storage procedures, client information handling, company registration, licensing, and team background checks.
“Bitbuy was extremely forthcoming in the information they provided, and this information was provided in a timely and complete matter. This commitment to transparency is something that should be both a consumer expectation and self-regulatory best practice. A new dawn of higher expectations and accountability is something that will be great for both the Canadian space and blockchain industry in general,” said Rich Sanders, from CipherBlade.
In partnership with CipherBlade, Bitbuy has committed to conducting these audits regularly moving forward.
Along with the completion of the audit, Bitbuy has rolled out their new state of the art ‘Pro Trade’ platform which includes advanced features, crypto-to-crypto trading and a proprietary low latency order matching engine designed for high-frequency trading. Since launching the ‘Pro Trade’ beta in early April, the platform has processed over 10,000 trades. To celebrate the release of Bitbuy ‘Pro Trade’, Bitbuy is offering 0% trading fees on its ‘Pro Trade’ platform until May 31st.
“By building this product in house, we maintain complete control over every facet of the business, giving our customers confidence in the transparency of our operations. We are not only a cryptocurrency exchange with proprietary technology and full back-office services, but also a technology company. We are excited to start the next chapter of Bitbuy with our ‘Pro Trade’ platform,” said Adam Goldman, President at Bitbuy.
Additionally, today Bitbuy officially announced the launch of their institutional grade OTC (over-the-counter) desk for larger size digital currency transactions. Bitbuy’s OTC desk soft-launched in late 2018 and since then has completed transactions valued at more than $10,000,000. For more information on Bitbuy’s OTC desk, please visit their site here or reach out to [email protected]
Bitbuy’s position in the digital currency market in Canada is strong. They have sustained growth through dependable customer service, a trusted brand, and reliable products that are used by over 50,000 registered users. Through the ongoing steps Bitbuy is taking from a financial, security, technological and regulatory perspective, Bitbuy is poised to lead the industry not only here in Canada but in new markets internationally.
Originally founded in 2013, Bitbuy is a platform for Canadians to buy and sell digital currencies such as Bitcoin, Ethereum and XRP. Bitbuy has three main business divisions: Bitbuy ‘Express Trade’, Bitbuy ‘Pro Trade’ and Bitbuy OTC, which all cater to different segments of the market. Bitbuy is a division of First Ledger Corp; a Toronto-based fintech and blockchain company.
CipherBlade is a US based blockchain investigation & security consulting agency. Offering a range of services, CipherBlade has partnered with dozens of top international blockchain firms as well as government agencies. CipherBlade has recovered millions of dollars of stolen funds, prevented dozens of ICO scams, and professionally handled PR disasters and other emergency situations.
Tags: North America, English