Willemstad, Curacao, August 9th, 2024,
Chainwire
Online poker site CoinPoker has released
a proof of reserves (PoR) report showing that user deposits are
covered 1:1 in cold wallets, visible on the blockchain, alongside
additional reserves in hot wallets to process instant
withdrawals.
Praising the move by the crypto-based poker site to increase
transparency, former Austrian footballer and poker professional
Mario Mosböck has partnered with the site as a
new official ambassador, alongside British pro Patrick Leonard.
In an X post, Mario Mosböck
stated the pair’s ‘mission is to guide the new leadership group to
build the world’s best online poker site.’
Users can read CoinPoker’s proof of reserves report here.
Building A Top Online Poker Site With Cryptocurrency
Founded in 2017, CoinPoker is a relatively new crypto poker room
and casino, but increasingly ranked among the top online poker
sites by the likes of Card Player Magazine,
PokerScout and Techopedia.
Unlike conventional internet poker sites that use fiat currency,
on CoinPoker players bet with Tether (USDT) and the site is able to
take advantage of the blockchain to show user funds are safe and
segregated.
Online poker was rocked by the Full Tilt Poker scandal in 2011,
in which user funds were co-mingled with operating funds, and the
company went insolvent in the industry’s ‘Black Friday’.
Many top poker sites increasingly accept cryptocurrencies as a
deposit method, but CoinPoker is among a small and growing
contingent to go ‘all in’ and embrace it for all actions at the
poker table. Players can deposit USDT, Bitcoin, Ethereum, Solana,
Polygon, Binance Coin or its own native token CHP which unlocks 33%
rakeback for holders.
For added security, CoinPoker also makes use of Fireblocks
vaults and a decentralized RNG (random number generator) software
that players can verify the randomness of after every hand,
utilizing Ethereum’s Keccak-256 algorithm.
CoinPoker Sign Mario Mosböck, Patrick ‘Pads’ Leonard
28 year old Mario Mosböck, who played as a forward for Austrian
Football club Wiener Neustädter SC, recently made a name for
himself on the live and online poker scene.
He now has over $11.7 million in recorded live tournament
earnings, including a first place finish at the Triton Super High
Roller Series in Jeju for $1.1 million, and a runner-up finish at
the 2023 WPT Big One for One Drop for $4.6 million.
Source - triton-series.com
Mario players under the screenname ‘livinmydream’ on CoinPoker,
often seen in high stakes battles in $25/$50 PLO cash games and
higher.
Patrick Leonard is a former PartyPoker ambassador and currently
ranked 38th on the England all time money list by the Hendon Mob
poker database. His total live earnings exceed $3.1 million -
including a WSOP bracelet win - and his online earnings of over
$19.2 million have seen the 35 year old often rated among the best
online MTT players in the world.
https://x.com/padspoker/status/1821575144504172892
Also a highly regarded poker coach, Patrick mentors mid stakes
players to improve their games, with some of the grinders under his
wing going on to win EPT, WCOOP and SCOOP events.
He describes his goal at CoinPoker to help ‘create the safest
and best online poker room in the world’ and worked alongside the
site to produce its proof of reserves report.
Proof of Reserves on the Blockchain
On its PoR report, CoinPoker writes:
‘CoinPoker prioritizes customer security and peace of mind. Our
operations are safeguarded by a Curaçao eGaming License, ensuring
compliance with strict regulatory standards. We demonstrate our
financial integrity through Proof of Reserves, holding sufficient
funds to cover all user assets. Proof of Reserves refers to the
assets we hold in custody for users when they deposit funds into
their accounts.
Here we provide proof that CoinPoker has funds held in reserve
to cover all of our users' assets 1:1, as well as some additional
reserves. It's important to note that this sum of funds refers only
to users' funds. CoinPoker's corporate holdings, which are stored
in wallets completely separately, are not factored into the proof
of reserves calculations.’
At this time, CoinPoker customer deposits total approximately
$16 million, and the total assets held in reserve to cover those is
just under $16.75 million, equal to 105% of deposits.
The exact amount of player deposits is updated dynamically every
few minutes on the coinpoker.com website.
Links are provided to view those funds on the blockchain via
etherscan.io, blockchain.com, bscscan.com, and other crypto
tracking sites depending on the token.
The majority of funds are held in cold storage for security,
with some in hot wallets to process instant withdrawals - players
can deposit and withdraw funds within minutes via a MetaMask wallet
or a crypto exchange account.
To celebrate releasing the report, CoinPoker also announced an
exclusive promotion for players to gain free entry into the
upcoming $40k GTD Sunday Special tournament, on the company's
Instagram and other
socials.
About CoinPoker
Licensed in Curaçao, CoinPoker is available for free download on
Windows and Android devices, hosting No Limit Hold’em, Pot Limit
Omaha and other game types across real money cash game and
tournament formats.
New players earn a 150% up to 2000 USDT matching bonus on their
first deposit, and holders of the site’s native cryptocurrency CHP
earn 33% rakeback on their play.
Users can open a Coinpoker account here.
Links
This article is provided for informational purposes only and is
not intended to be construed as legal, financial, or tax advice.
Readers should not rely solely on the information presented herein
and should consult with their own legal, financial, or tax
professionals regarding their specific situations. The author(s)
and publisher make no representations or warranties concerning the
accuracy or completeness of the information contained in this
article. Reliance on any information provided in this article is
solely at your own risk.
Contact
CoinPoker
support@coinpoker.com