Willemstad, Curacao, August 9, 2024, Chainwire
Online poker site CoinPoker has published a Proof of Reserves (PoR) report showing that user deposits are covered 1:1 in cold wallets that are visible on the blockchain, with additional reserves held in hot wallets to process instant withdrawals.
Praising the crypto-based poker site's efforts towards greater transparency, former Austrian soccer player and poker pro Mario Mosbeck has partnered with British pro Patrick Leonard as the site's new official ambassador.
In a post on X, Mario Mosbeck said the pair's “mission is to mentor a new leadership group to build the best online poker site in the world.”
Users can read CoinPoker's Proof of Reserves report here.
Building the top online poker site with cryptocurrency
CoinPoker is a relatively new crypto poker room and casino, founded in 2017, but is quickly becoming ranked among the top online poker sites by Card Player Magazine, PokerScout, Techopedia, and more.
Unlike traditional internet poker sites that use fiat currency, CoinPoker allows players to bet with Tether (USDT) and allows the site to utilize the blockchain to show that users' funds are safe and segregated.
In 2011, online poker was rocked by the Full Tilt Poker scandal, in which users' funds were mixed with operating funds, leading to the company's bankruptcy on the industry's “Black Friday.”
While many top poker sites now accept cryptocurrencies as a deposit method, CoinPoker belongs to a small but growing group that has gone “all-in” and embraced crypto for all action at the poker tables. Players can deposit USDT, Bitcoin, Ethereum, Solana, Polygon, Binance Coin, or their own native token CHP, which offers 33% rakeback to holders.
For added security, CoinPoker also uses Fireblocks vaults and decentralized RNG (random number generator) software that allows players to verify the randomness of each hand using Ethereum's Keccak-256 algorithm.
CoinPoker signs Mario Mosbeck and Patrick “Pads” Leonard
Mario Mosbeck, 28, a former forward for Austrian soccer club Wiener Neustadter SC, has recently made a name for himself in the world of live and online poker.
He has now won more than $11.7 million in live tournament winnings, including winning the Triton Super High Roller Series in Jeju Island for $1.1 million and finishing runner-up at the 2023 WPT Big One for One Drop for $4.6 million.
Source – triton-series.com
A Mario player on CoinPoker who goes by the screen name “livinmydream”, he can often be found in high stakes battles, starting from $25/$50 PLO cash games.
Patrick Leonard is a former PartyPoker ambassador and currently ranked 38th on the UK's all-time winnings list according to the Hendon Mob Poker Database. With over $3.1 million in total live winnings (including WSOP bracelet wins) and over $19.2 million in online winnings, the 35-year-old is regarded as one of the best online MTT players in the world.
https://x.com/padspoker/status/1821575144504172892
A highly regarded poker coach, Patrick has helped mid-stakes players improve their game, and some of his students have gone on to win EPT, WCOOP and SCOOP events.
He said his goal at CoinPoker is to “create the best and safest online poker room in the world,” and worked with the site to produce a proof-of-reserve report.
Proof of Reserve on Blockchain
CoinPoker wrote in their PoR report:
“CoinPoker puts the security and peace of mind of our customers first. Our operations are protected by a Curacao eGaming license, ensuring compliance with strict regulatory standards. We hold sufficient funds to cover all user assets and prove our financial strength through our Proof of Reserves, which refer to the assets we hold in custody when users deposit funds into their accounts.”
This is proof that CoinPoker holds sufficient funds in reserve to cover all user assets 1:1, plus additional reserve funds. Please note that this total refers to user funds only; CoinPoker's corporate holdings are kept entirely separate in wallets and are not taken into account in the Proof of Reserve calculation.
At the moment, CoinPoker has total customer deposits of approximately $16 million, with total assets set aside to cover that at just under $16.75 million, or 105% of the deposit amount.
The exact amount of a player's deposit is dynamically updated every few minutes on the coinpoker.com website.
Depending on the token, you will be provided with a link to view your funds on the blockchain via etherscan.io, blockchain.com, bscscan.com and other crypto tracking sites.
The majority of funds are kept in cold storage for security and some are kept in hot wallets to process instant withdrawals. Players can deposit and withdraw funds within minutes via their MetaMask wallet or cryptocurrency trading account.
To celebrate the release of the report, CoinPoker also announced an exclusive promotion on its Instagram and other social media accounts, offering players free entry into the upcoming $40,000 GTD Sunday Special tournament.
About CoinPoker
Licensed in Curacao, CoinPoker is free to download for Windows and Android devices and offers No-Limit Hold'em, Pot-Limit Omaha and other game types in real-money cash games and tournament formats.
New players can get a 150% matching bonus up to 2000 USDT on their first deposit, and holders of the site's native cryptocurrency, CHP, can earn 33% rakeback when playing.
Users can open a Coinpoker account here.
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This article is for informational purposes only and is not to be construed as legal, financial or tax advice. Readers should not rely solely on the information presented here but should consult their own legal, financial and tax professionals regarding their particular situations. The author and publisher make no representations or warranties as to the accuracy or completeness of the information contained in this article. Readers are solely responsible for determining whether to rely on the information provided in this article.
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