Auditors confirm Kraken holds $19 billion in Bitcoin and Ethereum.

The cryptocurrency exchange Kraken has undergone a reserves audit (Proof of Reserves) by the consulting firm Armanino. The platform’s balance includes $19 billion in Bitcoin and Ethereum; other digital assets were not accounted for.

According to the press release, this amount includes $3.5 billion locked in ETH 2.0 staking.

\”Although the audit covers only two of more than a hundred assets available for trading on the platform, it adheres to and seeks to advance the recommended standards of cryptographic audits, which we hope will gain broad adoption across the digital-asset sector,\” the company said.

Kraken previously conducted a reserves audit in 2014. Now Armanino will audit Kraken’s balance roughly every 18 months. The audit is performed in accordance with the standards of AICPA.

Kraken users were also given the ability to reconcile their own accounts with the audit results. To this end, the platform introduced a dedicated tool.

NEW 💥 Kraken passes cryptographically verifiable Proof of Reserves audit proving we hold 100% of client bitcoin and ether balances.

Learn more: https://t.co/G9mWs8a1c4 pic.twitter.com/ra4ZGqiUBv

— Kraken Exchange (@krakenfx) February 3, 2022

In an interview with CoinDesk, a Kraken spokesperson noted that Armanino completed the balance audit on December 31, 2021. In the future the company plans to include other digital assets in the audit, as the majority of client funds are held in them.

According to CryptoRank data, centralized exchange addresses hold about 6.5% of the total Bitcoin supply.

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