Change is excited to announce a new update to our Proof-of-Reserves (PoR) report, highlighting our continued commitment to transparency and security. This update ensures customers have a clear view of their assets as of April month-end. Let's delve into the details of Change's PoR reporting:
Static Closing Liabilities
At the end of April, we took a snapshot of Change’s customer liabilities, providing a clear picture of what we owe to our customers at the end of the month.
Static Closing Balances with Liquidity Providers
Similar to closing liabilities, we took a snapshot of balances held with liquidity providers and our custodian at the end of the month. These assets distributed across providers are required to run the product, with the bulk secured in cold wallets for increased security.
Dynamic On-Chain Addresses and Assets
For self-custodial cold wallets, we have provided a list of addresses as of May 1, 2023 which can be explored via chain specific explorers, and while closing liabilities and provider balances are snapshots as of month-end, on-chain addresses and assets change in real-time as a result of transaction activity. This means that the numbers reflected in this report versus what is currently visible on-chain, will not be identical. An additional challenge which customers need to be aware of is the concept of a UTXO. For UTXO-based blockchains such as Bitcoin and Litecoin, transactions executed on-chain since the time of writing mean that the wallet addresses provided below may not be conclusive.
In the table below, you will find the list of our cold wallet addresses versus total liabilities on the specified dates. For operational needs, including customer deposits/withdrawals and spot trading, Change holds a proportion of customer assets with liquidity providers and BitGo.
*As of 30/04/2023. For operational needs, including customer deposits/withdrawals and spot trading, Change holds a proportion of customer assets in hot wallets, both with liquidity providers and BitGo. What is held in cold-storage, versus the total assets Change holds on behalf of our customers, will therefore not match 1:1.
**Snapshot of assets in cold storage taken on 1/05/23 at 11:00 UTC
ERC-20 tokens
https://etherscan.io/address/0x7deb055643d8954bbba09582107e71c8ee55de40
https://etherscan.io/address/0x50291d75F6A786C52BE91754fC8b2314900C6b6F
*As of 30/04/2023. For operational needs, including customer deposits/withdrawals and spot trading, Change holds a proportion of customer assets in hot wallets, both with liquidity providers and BitGo. What is held in cold-storage, versus the total assets Change holds on behalf of our customers, will therefore not match 1:1.
**Snapshot of assets in cold storage taken on 1/05/23 at 11:00 UTC
To get the full picture, we are also publishing a snapshot of assets held as of April 30, 2023 with our service providers:
