SA’s VALR completes Proof of Reserves audit by blockchain security firm Hacken

Established in 2018, VALR is a digital asset platform that allows customers to buy, sell, store and transfer Bitcoin and 60 other cryptocurrencies – the widest selection of any platform in Africa – seamlessly and securely. 

VALR, a leading global crypto exchange, has successfully completed its Proof of Reserves audit conducted by Hacken, a renowned blockchain security firm. This achievement highlights VALR's commitment to user trust and financial accountability, especially in a crypto industry increasingly focused on transparency amid past exchange insolvencies.

The audit encompassed rigorous procedures including Proof of Liabilities, Proof of Ownership, Reserves Calculation, and Proof of Reserves Assessment. It confirms that VALR maintains a 1:1 ratio for all in-scope digital assets, with collateral ratios exceeding 100% for all assets such as BTC, ETH, SOL, USDT, USDC, and others. This full coverage of user liabilities reinforces VALR's robust safeguarding practices.

Farzam Ehsani, Co-Founder and CEO of VALR said: "This Proof of Reserves audit by Hacken is part of VALR’s commitment to building a transparent financial system grounded in trust and integrity for everyone." 

“Through a meticulous verification process, we confirmed that VALR’s reserves fully back their obligations, providing independent assurance and reinforcing confidence in their operations,” said Joaquin Girardi, Lead Proof of Reserves Auditor, Hacken.