The firm that monitors the Coinbase Stablecoin has verified more than $ 10 billion in client assets

The international audit firm, which attests to the USC stablecoin of Coinbase, announced that it had audited more than $ 10 billion in client badets in the first quarter of 2019, according to a statement.

The Grant Thornton accounting firm has between 15 and 20 clients who use a lot of encryption badets, including encrypted premium exchanges. Audits establish the existence of a client's badets or investments and accurately reflect the quantities requested.

Although disparities were found between block chains and balance sheets, the company was not free to disclose such cases.

"We are constantly seeing that there are more parts than we have been told," said Johnny Lee, National Manager of Forensic Technology Services' practice, focusing on "confidentiality pieces that are n & # 39; do not really have an audit trail. "

Among the 40 cryptographic currencies examined by the company include the following: Bitcoin, Ethereum, Ripple, EOS, Zcash, Monero and USDC, as well as a number of ERC20 chips.

The company uses various methodologies designed for the architecture of each disparate blockchain. Sometimes it uses reconstituted block strings, a hybrid cloud, and "legal nodes" – at great expense, but not advertised – to reconcile a claimed badet with its supposed timestamp, or an equivalent metric of proof.

He also said that each chain of blocks had its own problems, or unexpected problems, mentioning that the private, authorized by Ripple, "is quite a monster to set up".

Grant Thornton does not perform 100% audits on a client's portfolio – prohibitively expensive in terms of price and time – although the sample selections that companies have tested sometimes go back to the Genesis Block. a blockchain.

To a certain extent, the company learns as and when. For four years, with an institutional client holding only bitcoin, Veith said the company was taking "measured risk" to innovate and leverage more digital badets. He also said that since the market hit its all-time low in 2018, the company's clients had diversified their portfolios. He has also become the benchmark USDB Coinbase.

Code badysis graph via Shutterstock