Luno Users Can Now Verify Their Crypto Holdings with Proof of Reserves Reports

The crypto market grows exponentially as individuals and institutions incline toward its widespread applicability in Decentralised Finance (DeFi). Based on blockchain technology, cryptocurrency has complemented the financial landscape. Effortless transactions and borderless payments pave the way for users globally, including Luno users. 

Since its inception, cryptocurrency has become a go-to option for hackers and scammers due to a lack of central authority regulating transactions and monetary affairs. Furthermore, crypto wallet draining is another aspect of crypto fraud, impacting users’ trust in the revolutionary financial instrument. Therefore, regulatory authorities worldwide consider alternative options to bridge the gap between conventional finance and DeFi. 

Luno has stepped forward to tackle safety issues with crypto wallets, offering robust solutions to Luno users. It will offer monthly reports to customers via proof of reserves with the purpose of enhancing the safety and protection of crypto traders and investors. This article aims to uncover the benefits of these reports and how they contribute to increased transparency of digital assets on the platform. 

Luno – A Robust Approach to Cryptocurrency

Established in 2013 in South Africa, Luno is a renowned organisation that empowers seamless financial services in more than 40 countries globally. With a mission to streamline financial processes for experienced and novice crypto enthusiasts, it offers the best investment platform, which is safe, legit, and trustworthy. Luno users have effortless access to its app, allowing them to buy, store, and research crypto assets on the go. 

In the crypto market, every enterprise and trading platform strives to bring convenience and safety to their users. In doing so, Luno stands out from its competitors for state-of-the-art solutions and security measures. It stores digital assets on a 1:1 basis, allowing its users to validate their crypto holdings on the platform. 

Furthermore, it envisions making DeFi more accessible worldwide, offering beginner-friendly and efficient services to everyone with an inclusive financial system. Regardless of your experience and locality, Luno is the right option for you if you want to make riches from cryptocurrency, including Bitcoin (BTC), Ethereum (ETH), and so on. 

Trading Crypto with Luno

If you are looking for a comprehensive and investor-friendly experience, Luno is rich with convenient features. It offers the best educational resources via LunoTV, allowing newcomers to make informed decisions about investing in digital assets. Additionally, its aesthetic design will leave you stunned as it has a beginner-friendly user interface. 

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With a quick profile-making process, it takes minutes to understand the entire platform. Offering real-time market data, such as price charts, historical data, market capitalisation, and so on, makes it the top choice for novice and seasoned traders. Keeping your personal data and digital assets falls under Luno’s top priorities, shielding Luno users from scams.

Among myriads of features, it provides users with many trading tools to support them in their crypto trading endeavours. For instance, limit orders, market insights, mobile apps, monthly asset reports, and so on are some of Luno’s trader-oriented features. Limit orders cut off drastic financial risk when trading, as you can set a specific price range to execute your trades. 

Proof of Reserves Reports for Luno Users

With an aim to streamline financial processes on the platform, Luno has gone the extra mile with proof of reserve reports about the stored assets of Luno users. Proof of reserves refers to a validating document that shows the actual amount of crypto assets you own in your crypto wallet. In other words, these reports verify that the platform collateralised your owned cryptocurrency on Luno. 

Luno undergoes a full-proof attestation process by executing Merkle Tree verification through a third-party auditing organisation, Moore Johannesburg. The monthly reports will assure you everything about your assets with complete accuracy and precision. Moore has established its reputation in the crypto ecosystem by offering professional services to credible blockchain organisations, including Chainlink. 

If you want to check the liquidity and proof of reserves on Luno, visiting its official website is a must, as they are not available on their app. With a high-tech Merkle Tree proof, Moore audits every customer and investor’s assets, providing them with adequate information to prove the collateralisation of Luno. However, these reports do not replace complete financial audits. 

Read Also: Differences Between Cold and Hot Crypto Wallets

Luno Users Can Enjoy Matchless Transparency

The growing scams in the crypto landscape promote a chaotic atmosphere for crypto investors and enthusiasts, resulting in a dramatic decrease in the global crypto market revenue. According to a report on Statista, around 173,600 Tether (USDT) tokens fell prey to crypto scams in 2022. 

However, it is not the only crypto heist, as many more have haunted crypto investors globally. Given these significant financial losses, increased transparency through timely financial auditing is the need of the hour. Luno has taken the right steps to ensure the security and liquidity of the digital assets of Luno users. 

Marius Reitz, the General Manager (GM) of Luno, talks about the impact of monthly proof of reserves reports on the crypto landscape. He maintains that it is a futuristic step towards safeguarding stakeholders and investors. The external validation of crypto assets will ensure the safety of over twelve million Luno users from many countries worldwide, offering them peace of mind. 

Related: Tether’s New Security Policy Sees 41 Crypto Wallets Frozen

Proof of Reserves Reports Prioritise Safety of Luno Users

Luno is among a few crypto investment platforms that provide their users with monthly financial audits through proof of reserves reports. It demonstrates its integrity and customers-first approach, promoting enhanced confidence and trust among crypto enthusiasts. 

Since Luno is a globally renowned crypto enterprise, these security measures will not only grow it further but also foster a sense of relief and confidence among Luno users. Furthermore, it will offer a barrier to crypto scams and frauds by educating its stakeholders about their stored digital assets.