CoinPoker’s Proof of Reserves Report
Online poker platform CoinPoker has unveiled a Proof of Reserves (PoR) report, confirming that user deposits are fully backed 1:1 in cold wallets, which are accessible on the blockchain. In addition, the platform holds extra reserves in hot wallets to enable quick withdrawals for users. This initiative signifies a push towards greater transparency in the online gaming sector. Former Austrian footballer and poker professional Mario Mosböck has teamed up with CoinPoker as a new official ambassador, along with British player Patrick Leonard. Mosböck expressed the duo’s commitment to guiding the platform’s new leadership in creating the premier online poker site.
Building a Leading Cryptocurrency Poker Room
Established in 2017, CoinPoker is gaining recognition as a top-tier online poker room, often compared favorably to other sites like Card Player Magazine and PokerScout. Unlike traditional poker sites that utilize fiat currency, CoinPoker allows players to bet with Tether (USDT). The platform utilizes blockchain technology to ensure that user funds are kept safe and separate. The online poker world has faced its share of controversies, most notably the Full Tilt Poker scandal of 2011, where user funds were mismanaged. CoinPoker aims to avoid such pitfalls by embracing cryptocurrencies comprehensively, allowing users to deposit in USDT, Bitcoin, Ethereum, Solana, Polygon, Binance Coin, or its native CHP token, which provides users with a 33% rakeback.
Security Measures at CoinPoker
CoinPoker employs advanced security measures, including Fireblocks vaults, to protect user funds. Additionally, the platform utilizes a decentralized Random Number Generator (RNG) software that players can verify for fairness after each hand, using Ethereum’s Keccak-256 algorithm to ensure that games are random and fair.
Mario Mosböck and Patrick Leonard Join Forces
Mario Mosböck, a 28-year-old poker enthusiast and former football forward, has made strides in both live and online poker, amassing over $11.7 million in tournament winnings. He plays under the username ‘livinmydream’ on CoinPoker, engaging in high-stakes PLO cash games. Patrick Leonard, another prominent player and former PartyPoker ambassador, has recorded over $3.1 million in live earnings and more than $19.2 million online. Leonard aims to create the safest online poker environment possible and has collaborated with CoinPoker on their PoR report.
Understanding the Proof of Reserves
CoinPoker emphasizes the importance of customer security and confidence. According to their PoR report, the site holds sufficient reserves to guarantee that all user assets are fully covered. As of now, CoinPoker’s customer deposits are approximately $16 million, with assets held in reserve totaling about $16.75 million, providing a buffer of 105% over deposits. The platform regularly updates the deposit amounts on its website and offers links to view these funds on various blockchain tracking sites. Most user funds are stored in cold storage to enhance security, with some in hot wallets for swift processing of withdrawals, allowing players to operate their accounts efficiently.
Promotional Activities and Community Engagement
To celebrate the release of their PoR report, CoinPoker has launched a promotion offering players complimentary entries into an upcoming $40,000 GTD Sunday Special tournament. The promotion encourages community interaction and supports the platform’s goal of building trust and transparency among its users.
About CoinPoker
CoinPoker operates under a license from Curaçao and provides a diverse gaming experience for players by allowing access via Windows and Android devices. The platform hosts various game types, including No Limit Hold’em and Pot Limit Omaha, across cash and tournament formats. New players can benefit from a 150% bonus on their first deposit, while holders of the native CHP cryptocurrency enjoy a 33% rakeback on their gameplay. Players can easily create an account on CoinPoker to start their gaming adventure.