Luno is set to release monthly proof of reserves report to get customer trust. Cryptocurrency firm Luno on Wednesday, February 14, 2024, announced that it will now be providing monthly proof-of-reserve reports of its customers in a bid to show that their funds are safe and secure.
Luno Monthly Proof of Reserves Report
The company says that it will be collaborating with Moore Johannesburg, a South African accounting and business company, in order to provide monthly reports that are also inclusive of Merkle Tree functionality and mostly verifications to help improve reporting transparency.
That said, know that the crypto exchange platform revealed that this new development will make sure that it keeps all digital assets of customers in a 1:1 ratio, thus implying that the investment of each customer are consistent with the balances shown in their Luno wallets.
Luno Regularly Released Quarterly Proof of Reserves Reports In The Past
Established in 2013, the Luno cryptocurrency platform caters to users across Europe, the US, Africa, and Oceania.
In the past, Luno regularly released quarterly proof of reserves reports, audited by Mazars, a France-based international audit, tax, and advisory firm, from September 2021 to November 2022. Mazars, during this period, also extended its services to other cryptocurrency exchanges like Binance, KuCoin, and Crypto.com.
However, some cryptocurrency exchange clients misinterpreted the reports as definitive evidence of being 100% backed, despite Mazars clarifying that the reports were based on agreed-upon procedures (AUP) engagements rather than audits. Due to the misconceptions arising from these reports, Mazars removed the proof-of-reserves reports from its website and ceased its services to cryptocurrency exchange clients, including Luno, in December 2022.
Luno Resumed Publishing Proof-Of-Reserve Reports
Nearly a year later, in October 2023, Luno resumed publishing proof-of-reserve reports, now prepared by Moore Johannesburg. While Moore Johannesburg follows agreed-upon procedures per the International Standard on Related Services (ISRS) standards, it incorporates Merkle Tree’s proof of reserves method, considered the “gold standard of verification” in the industry, according to Dale Russell, Director of Blockchain and Digital Assets at Moore Johannesburg.
The Latest Proof-Of-Reserve Report Is Now Accessible To All Luno Users
The latest proof-of-reserve report, now accessible to all Luno users via the Merkle Tree verification tool on the Luno website (though not yet on the Luno app), reflects the platform’s commitment to transparency and trust-building in the cryptocurrency space. Christo de Wit, Luno South Africa Country Manager, emphasizes that while there’s no legal obligation to publish such reports, Luno believes it’s essential for fostering trust in the crypto community.
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