Kraken Completes 2024 Proof of Reserves, Verifying Over $21.5 Billion in Client Assets

Kraken has announced the completion of its 2024 Proof of Reserves, an independent verification process conducted by a third-party accountant. This procedure allows clients to confirm that their account balances are fully backed by onchain assets. The latest attestation, which became available on November 1, 2024, covers a total value of over $21.5 billion in client assets, including widely held cryptocurrencies such as BTC, ETH, SOL, USDC, USDT, and XRP. The Proof of Reserves includes details on client liabilities, a method for clients to cryptographically verify their account balances, and an attestation confirming Kraken’s control over the onchain assets. Kraken has engaged The Network Firm, a registered CPA firm, to attest to its control over the wallets holding client balances.