Online poker platform CoinPoker has moved to increase transparency by releasing a proof of reserves (PoR) report that shows user deposits and additional assets in cold and hot wallets on the blockchain.
The site, which recently added Mario Mosböck and Patrick Leonard to their team of ambassadors, will now broadcast the status and location of player deposits in real-time on its website. The report shows player deposits are fully covered in cold wallets, with additional reserves in hot wallets to process withdrawals efficiently. Cold wallets offer secure, offline storage on physical devices, while hot wallets are connected to the internet for easy transactions.
Mosböck, a former Austrian soccer player and current poker pro, joined fellow pro Patrick Leonard to partner with CoinPoker in a mission to increase transparency and security for online players. CoinPoker holds an eGaming License in Curaçao.
"Our goal is listening to how players would like to run a poker room," Mosböck added on Twitter/X. "Transparent, fair and secure. My promise is to always speak up for us players internally & externally."
How to read the Proof of Reserves report
The Proof of Reserves report allows players to view CoinPoker's blockchain assets at any time. The report can be accessed on the CoinPoker website and it breaks down the assets that the site holds when players add funds to their accounts. CoinPoker also holds a reserve that covers all user deposits with some additional funds for deposits.
The cold wallets, seen on the blue graph above, are used to store cryptocurrency in physical devices that aren't connected to the internet. The hot wallets, seen in red, are used to store extra reserve funds for use with player withdrawals. Links are provided next to each type of cryptocurrency where the wallet can be viewed independently on blockchain.com.
In total, the wallets combine to hold just over $16 million as of press time — around 105% of the funds players have deposited for use on the site.
