• Fri. Mar 1st, 2024

Kraken Remains Stable During Hard Times

Alvin Hayes

ByAlvin Hayes

Nov 11, 2022

According to a press release from the company today, one of the assets of the Kraken cryptocurrency exchange is FTT, the native token of the troubled exchange FTX. In recent disclosures made in the middle of the current crypto-crisis, that was particularly hard for FTX and Alameda, the company asserts that it has no contact with that organization.

In a statement, Kraken acknowledged that the actual FTX report did not importantly affect it, but also confirmed that the company has not listed its tokens on any exchanges in the spot or futures markets.

Kraken announcement

Kraken felt it necessary to state the service’s state in light of the problems this crisis has brought up. The business claimed that they wanted to make clear the steps they have taken to guarantee that exchange possessions are always available, particularly within unsure times.

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They are among the first trading platforms to regularly carry out these crypto examinations, which Cracken said are overmuch precise and changeless than whatever different kind of commercial reporting. 

The Proof-of-Reserve examination proves that Kraken has the authority to sell the assets it has in custody for its customers. Kraken thinks it’s challenging for conventional financial institutions to process data. The company further claims that these precise checks can be made on a continuous basis due to the open and transparent nature of cryptocurrencies.

Every two years since the program’s inception, Proof of Reserve audits have been carried out. In relation to its exchanges and betting services, the company is showing here that it is committed to safeguarding customer funds. In his concluding remarks, Kraken said that they believe this transparency is very important to resilience.

The auditions

Audits show that Kraken occasionally held eligible possessions at degrees that were higher than 1one hundred percent of the required scale. Kraken has developed a verification portal so whales can check their balance if they have any questions. Whales who had investment funds in Kraken wallets can use this portal to do so.

The announcement comes at a time when a lot of rumors are swirling about which industries, including those that deal with loans, stock, and stock exchanges, could be affected by FTX sensational catastrophe. 

Alvin Hayes

Alvin Hayes

Alvin Hayes is a seasoned news writer known for his engaging storytelling and thorough research. With a commitment to accuracy and a captivating writing style, his articles provide readers with insightful and well-rounded perspectives on current events.

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