Bitso, the financial services company based on cryptocurrencies in Latin America, has announced the progress of its initiative called the “Proof that Matters”.”. Through this proposal, Bitso demonstrates its solvency by using cryptographic technology in the bitcoin and ether assets it custodies on its platform.
To carry out this demonstration, Bitso has partnered with Proven and used the highly reliable Zero-Knowledge Proof developed by this company.
Aware of the importance and relevance of bitcoin and ether both in the cryptographic ecosystem and in the portfolio of its clients, Bitso has decided to present the test results in its first iteration, focusing on these two cryptocurrencies.. The solvency reports will be available for consultation on the Bitso website, allowing all its clients to access this valuable information in their personal profile.
Pope Davis, Vice President of Engineering at Bitso, emphasized the importance of building a strong test rather than a quick fix when it comes to establishing trust and transparency towards users, further highlighting the integration of a methodology that allows Bitso to prove its solvency of on a recurring basis, more efficiently and preserving the privacy and security of its customers’ data. Davis expressed his pride in the work done by the Bitso team and is confident that these advances and insights will set a precedent for the entire cryptocurrency industry.
In March 2023, Bitso promised to present the results of the “Test that Matters” during the second quarter of the year. Today Bitso makes the first monthly reports available to its clients, which will be published through smart contracts on the Ethereum blockchain, where each person will be able to download their corresponding receipt, providing an additional level of transparency and traceability.
The technology and methodology developed by Proven have been key to achieving this milestone.since it allows to demonstrate the assets and liabilities without the need to publicly disclose the balances of the clients or any type of confidential information.
Richard Dewey, Co-founder of Proven, expressed his satisfaction in collaborating with Bitso and praised the company’s focus on offering its users the highest levels of trust and transparency. Dewey expressed his enthusiasm to maintain a long-term relationship with Bitso, working together to develop solutions that strengthen the strength of the cryptocurrency industry.
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