Kraken passed the proof of reserve audit and now allows users to verify their cryptocurrency balances, so let's learn more today in our latest cryptocurrency news.

Kraken has passed Armanino LLP's Certificate of Reserve Audit, so now his users can verify cryptocurrency balances. Kraken's proof of reserve audit is designed to allow customers to prove that their BTC and ETH balances are safe and provable on the platform. Founded in 2011, the U.S.-based cryptocurrency exchange offers more than $19 billion worth of BTC and Ether cryptocurrency for fiat pairs. Kraken's secure on-chain pledge service still holds $3.5 billion worth of ETH. Armanino Accounting will certify the Kraken exchange for reserve audits on a semi-annual basis in accordance with the certification standards used by the American Institute of Certified Public Accountants.

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– Kraken Exchange (@krakenfx) February 3, 2022

Kraken's Chief Product Officer said that customer security is always a top priority for the company and that regular reserve audits reduce the risk to customer funds and protect user funds. He added.

“Providing security and transparency to our clients has always been at the core of our company culture and has been at the heart of how we have practiced and operated from the beginning,”

Kraken will minimize exposure to customer data privacy by using anonymous balancing information, which means no exchange of sensitive customer data. The U.S. exchange also announced that it is developing an NFT marketplace where users can trade digital art and collectibles and also use tokens as pledges to organize loans.

Jesse Powell, CEO of Kraken, USD, BTC, price, market Jesse Powell, CEO of Kraken

Also as recently reported, Kraken's new NFT marketplace announced that it will issue loans, as did Jesse Powell in an interview with Bloomberg. The new feature will allow users to borrow their NFT funds. Powell explained that the company will enter the NFT space in 2022 and wants to add another feature to determine the liquidation value of NFTs and whether they can be pledged as collateral for a loan. The value of NFT is spread across the board, with only a small percentage of token owners holding digital collectibles of similar value to CryptoPunk, which at the time of writing has a reserve price set at 66.96 ETH for $273,673. According to Powell, the NFT utility will rise significantly in the next year.