LONDON, Aug. 9, 2024 /PRNewswire/ -- 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.
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.
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.
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 the time of writing 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 are able to deposit and withdraw funds within minutes via a MetaMask wallet or a crypto exchange account, whether playing crypto poker or crypto casino games.
To celebrate releasing their PoR report, CoinPoker also announced an exclusive promotion for players to gain free entry into the upcoming $40k GTD Sunday Special tournament, on their Twitter, Instagram and other socials.
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.
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