ICONOMI, a platform for managing digital assets on the blockсhain, announced that it had been verified at Deloitte, the largest professional services company. Thus, now ICONOMI can declare that it is the first cryptocurrency company that has undergone a blockсhain-audit and has received proof of solvency. This is written by Cryptovest.
The audit was conducted on April 5, after which ICN, coincidentally or not, hit a bullish trend and rose 33% in a week.
In early April, Deloitte checked $133.6 million of debt obligations and $210.2 million of reserves distributed over 80 digital wallets. According to information on the ICONOMI website, its users’ balances are distributed as follows: 138.3 Bitcoin, 31.4 Bitcoin Cash, 67.3 Bitcoin Gold, 330491762.9 Cofound, 10444.3 Ethereum and 35668389.9 Iconomi.
Deloitte conducted an audit of ICONOMI accounts to show that the company’s reported reserves are up-to-date. To do this, the auditor formed the Merkle tree from all accounts, with which each user could verify the availability of funds, while maintaining anonymity.
In the second stage, Deloitte worked with evidence of reserves, in the course of which all wallets and bank accounts with financial money ICONOMI were tested for compliance with signatures and transaction methods. The verdict turned out to be positive, and ICONOMI was solvent.
ICONOMI CEO Tim Zagar believes that in the new unregulated environment, they have taken an important step to provoke the confidence of users and show them transparency and security. According to him, with the audit of Deloitte, ICONOMI has established one more important criterion that will become a standard for other companies in the industry and will help to move to better regulation of the entire market.