Have you imagined the sight of $1 billion worth of cryptocurrencies?
Coinshares is in a good position to answer because it manages crypto assets worth $1 billion in total. The company is now making its reserves accessible to public audit which will be taken care of by Armanino accounting firm. Their job will be to give account of how the digital products provided by Coinshare’s affiliate, XBT, are doing. The COO of CoinShares, Richard Nash, revealed that the company was taking this step to outperform its competitors like Grayscale.
“We’re able to bring comfort to our stakeholders, whether that be investors or people looking at us through the normal regulatory lens.”
The COO mentioned that only 30% of its reserves are always made available for trading and lending while the other 70% are left untouched with a custodian. Armanino’s officials namely Nash and Noah Buxton are clearly surprised by CoinShares decision to render its reserves to public audit because it has never been done before among similar companies.
XBT Provider brings to CoinShares many exchange-traded coins supported by BTC, ETH, XRP , and LTC. After subtracting the fees, what’s left on the company’s notes for an investor becomes his or hers.
Divide Grayscale’s managed assets by five and what is left is what CoinShares presently has. Even though Grayscale has not given its reserves to public audit, it is known that all its reserves are kept with Coinbase which has become its custodian.