The Dutch Exchange Battle today he again clarified the situation with them regarding the safety of user funds. According to Bitvavo, customers don’t have to stay up at night as they can lose their money. The exchange also comes with one merkle tree backup test whereby users can see exactly what Bitvavo holds as a reserve for the cryptocurrencies they have stored on Bitvavo!
Bitvavo a FTX
In fact, all the major exchanges have already indicated that they want to demonstrate in a certain way what their reserves consist of. This of course has everything to do with the demise of cryptocurrency trading FTP extension. Confidence in the exchanges collapsed due to this drama.
We first asked to enter a short interview how was the situation in Bitvavo. For example, did they have exposure to FTX? That was not the case and Bitvavo claims to be in very good financial shape. It was also promised at the time that the swap would come with a stock trial. The action now appears to be added to the word here.
Bitvavo reserves
In a blog post Bitvavo announces that there is a verifiable merkle tree will come out which will allow any user to check Bitvavo reserves. In this way, it is possible to prove cryptographically that Bitvavo actually has the clients’ crypto assets at its disposal.
“Although the last few days have been a challenging time for digital assets, Bitvavo appreciates the recent market developments regarding transparency and security and we intend to actively participate in these developments. We are actively working to establish a verifiable brand tree where each user can independently verify the coverage of their assets on the Bitvavo platform, to cryptographically prove that we own the assets we claim to own on your behalf.
Furthermore, Bitvavo once again confirms that it retains users’ credits with properly insured custody services even against unforeseen misfortunes. Bitvavo is insured up to a total of $775 million. So it seems Bitvavo is perfectly healthy today.
