Bitso, the crypto-powered financial services company in Latin America, today made public the progress of its “Proof that Matters” with which it “shows its solvency with cryptographic technology in all Bitcoin and Ether assets held on its platform, through the Zero-Knowledge Proof developed by Proven with which it partnered for this project.”
Due to the complexity of building this type of test, Bitso decided “to run the first iteration showing the results of Bitcoin and Ether due to the relevance of these coins in the crypto ecosystem, as well as in the portfolio of its clients.”
The reports will be “available for consultation by any of its clients starting today on its website.”
Pope Davis, Vice President of Engineering at Bitso, said:
“When it comes to trust and transparency towards our users, it was critical for Bitso to do the right Test rather than the fastest one. And the most important thing was to integrate a methodology that would allow Bitso to prove solvency on a recurring basis with greater efficiency, and taking care of the privacy and security of the data. I am extremely proud of the work carried out by our entire team and I am confident that these advances and the knowledge generated will set a precedent for the entire industry.”
In March 2023, Bitso committed to showing “the results of the test that it has worked with a fully dedicated engineering team in the second quarter, and this is how today it makes the first monthly reports available to its clients on its website. that will be published through smart contracts on the Ethereum blockchain and from which each person will be able to download their receipt.”
Since last year, Bitso has shown “a firm commitment to transparency and made public its commitment to build La Prueba que Importa , a process to demonstrate solvency that consists of several steps among which the proof of zero knowledge is essential.”
The technology and methodology “developed by Proven called (Zero-Knowledge Proof), allows to demonstrate the assets and liabilities without the need to publicly disclose the balance of the clients or any type of confidential information.”
Thus, Bitso has been able “to generate this test that shows that its BTC and ETH assets are greater than its liabilities, and make these reports public.”
Richard Dewey, Co-Founder of Proven, said:
“We are delighted to work with Bitso, as the company continues to offer its users the highest levels of trust and transparency. We look forward to a long relationship in co-developing solutions that will make the cryptocurrency industry stronger.”