CoinPoker releases proof of reserves report, user deposits are stored in cold wallets at a 1:1 ratio

Original source: Chainwire

Online poker platform CoinPoker has released a Proof of Reserve (PoR) report showing that users’ deposits have been held in cold wallets at a 1:1 ratio and that these deposits are publicly viewable on the blockchain. In addition, CoinPoker also maintains additional reserve funds in hot wallets for instant withdrawals.

Former Austrian football player and poker pro Mario Mosböck highly praised CoinPoker’s approach to promoting transparency through blockchain technology and announced a partnership with the platform as one of its new official ambassadors, along with British pro Patrick Leonard.

On the X platform, Mario Mosböck said that their “goal is to lead a new leadership team to create the best online poker platform in the world.”

Building a Top Online Poker Platform with Cryptocurrency

Founded in 2017, CoinPoker is a relatively new crypto poker platform, but has been gradually recognized as one of the top online poker platforms by media such as Card Player Magazine, PokerScout, and Techopedia.

Unlike traditional Internet poker platforms that use fiat currencies, CoinPoker allows players to participate using USDT and demonstrates the security and independence of user funds through blockchain technology.

In 2011, the online poker industry experienced the shock of the Full Tilt Poker scandal, when user funds were mixed with the company's operating funds, which ultimately led to the company's bankruptcy in the industry's "Black Friday".

Many top poker platforms are increasingly accepting cryptocurrencies as a deposit method, but CoinPoker is one of the few platforms that fully adopts cryptocurrencies for all poker play. Players can deposit USDT, Bitcoin, Ethereum, Solana, Polygon, Binance Coin or its native token CHP, and players holding CHP can also receive a 33% rakeback.

To further enhance security, CoinPoker also uses Fireblocks' vault technology and decentralized random number generator (RNG) software. Through this software, players can use Ethereum's Keccak-256 algorithm to verify randomness after each hand.

CoinPoker Signs Poker Pros Mario Mosböck and Patrick 'Pads' Leonard

28-year-old Mario Mosböck, who played as a forward for Austrian football club Wiener Neustädter SC, has been rapidly making a name for himself in both live and online poker.

His current live tournament winnings exceed $11.7 million, including a $1.1 million first-place prize at the Triton Super High Stakes Series on Jeju Island and a $4.6 million runner-up finish at the 2023 WPT Big One for One Drop event.

Mario uses the username "livinmydream" on CoinPoker and is often seen in $25/50 PLO cash games and higher.

Patrick Leonard is a former PartyPoker ambassador and currently ranks 38th on the Hendon Mob Poker Database's England All-Time Money List. He has over $3.1 million in total live tournament earnings, including a bracelet at a WSOP event. Additionally, he has over $19.2 million in online earnings. The 35-year-old is regularly ranked as one of the best online multi-table tournament (MTT) players in the world.

As a well-respected poker coach, Patrick guides mid-bankroll players to improve their game, with some of his students going on to win EPT, WCOOP and SCOOP events.

His goal at CoinPoker is to help “create the safest and best online poker room in the world,” and he worked with the platform to compile its Proof of Reserves report.

Proof of Reserves on the Blockchain

In the Proof of Reserves report, CoinPoker wrote:

“At CoinPoker, we always put the safety and peace of mind of our customers first. Our operations are protected by the Curaçao eGaming license, ensuring we adhere to strict regulatory standards. Through Proof of Reserves, we demonstrate financial transparency by holding sufficient funds to cover all of our users’ assets. Proof of Reserves refers to the assets we hold in custody when a user deposits funds into their account.

We hereby provide proof that CoinPoker has sufficient reserve funds to cover all user assets 1:1, and also holds additional reserve funds. It is important to note that these totals refer only to user funds. CoinPoker's corporate funds are stored in a completely separate wallet and are not included in the calculation of the reserve proof."

Currently, CoinPoker's total customer deposits are approximately $16 million, and the reserve assets used to cover these deposits are just under $16.75 million, or approximately 105% of deposits.

The exact amounts of player deposits are dynamically updated on the website every few minutes.

Depending on the token, the website provides links to view these funds on the blockchain through crypto tracking websites such as etherscan.io, blockchain.com, bscscan.com, etc.

For security, most funds are stored in cold wallets, with a small amount in hot wallets for instant cash withdrawal - players can deposit and withdraw funds in minutes through MetaMask wallets or cryptocurrency exchange accounts.

To celebrate the release of the report, CoinPoker also announced an exclusive promotion on the company's Instagram and other social media platforms, where players can participate in the upcoming GTD Sunday Special Tournament with a guaranteed prize pool of 40,000 USDT for free.

About CoinPoker

CoinPoker is licensed in Curacao and can be downloaded for free on Windows and Android devices. The platform offers games such as No Limit Texas Hold'em and PLO, and covers both cash games and tournaments.

New players can receive a 150% match bonus of up to 2000 USDT on their first deposit, and players who hold the platform's native cryptocurrency CHP can receive a 33% rebate.