Willemstad, Curacao, August 9, 2024, Chainwire
Online poker site CoinPoker has released a Proof of Reserves (PoR) report showing that user deposits are backed 1:1 in cold wallets, visible on the blockchain, with additional reserves in hot wallets to process instant withdrawals.
Welcoming the crypto-based poker site’s move to increase transparency, former Austrian footballer and poker professional Mario Mosböck has joined forces with the site as its new official ambassador, alongside British pro Patrick Leonard.
In a post on X, Mario Mosböck said that the duo’s “mission is to guide the new management group to build the best online poker site in the world.”
Users can read CoinPoker’s Proof of Reserves report here.
Building a Top-Notch Online Poker Site with Cryptocurrency
Founded in 2017, CoinPoker is a relatively new poker room and crypto casino, but increasingly ranked among the best online poker sites by magazines such as 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 that users’ funds are safe and segregated.
Online poker was rocked by the Full Tilt Poker scandal in 2011, in which user funds were mixed with operating funds, and the company became insolvent on the industry’s “Black Friday.”
More and more top poker sites are accepting cryptocurrencies as a deposit method, but CoinPoker is part of a small but growing group of players who are going all-in and adopting it for all action 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 uses Fireblocks vaults and decentralized RNG (random number generator) software that players can verify for randomness after each hand, using Ethereum’s Keccak-256 algorithm.
Mario Mosböck and Patrick “Pads” Leonard sign with CoinPoker
Mario Mosböck, 28, who played as a striker for Austrian football club Wiener Neustädter SC, has recently made a name for himself in the live and online poker scene.
He now has more than $11.7 million in recorded live tournament winnings, including a first-place finish at the Triton Super High Roller Series in Jeju for $1.1 million, and a second-place finish at the 2023 WPT Big One for One Drop for $4.6 million.
Source – triton-series.com
Mario players under the screen name “livinmydream” on CoinPoker, often seen in high stakes battles in $25/$50 and up PLO cash games.
Patrick Leonard is a former PartyPoker ambassador and is currently ranked 38th on the list of the best poker players in England according to the Hendon Mob database. His live winnings of over $3.1 million – including a WSOP bracelet – and his online winnings of over $19.2 million have seen the 35-year-old frequently ranked among the best online MTT players in the world.
Patrick is also a very well-known poker coach. He coaches mid-stakes players to improve their game. Some of the players under his wing have won EPT, WCOOP and SCOOP events.
He describes his goal at CoinPoker as helping to “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
In its PoR report, CoinPoker writes:
“CoinPoker prioritizes the security and peace of mind of our customers. Our operations are protected by a Curacao 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 for users when they deposit funds into their accounts.
Here we provide proof that CoinPoker has enough funds in reserve to cover all of our users’ assets 1:1, plus some additional reserves. It is important to note that this amount of funds only concerns user funds. CoinPoker’s corporate assets, which are stored in completely separate wallets, are not taken into account in the proof of reserves calculations.
Currently, CoinPoker’s customer deposits total approximately $16 million, and the total assets held in reserve to cover them are just under $16.75 million, or 105% of deposits.
The exact amount of players’ deposits is dynamically updated every few minutes on the coinpoker.com website.
Links are provided to view these 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 purposes, with some being stored in hot wallets to process instant withdrawals. Players can deposit and withdraw funds within minutes via a MetaMask wallet or cryptocurrency exchange account.
To celebrate the release of the report, CoinPoker also announced an exclusive promotion allowing players to get free entry to the upcoming $40,000 GTD Sunday Special tournament on the company’s Instagram and other social channels.
About CoinPoker
Licensed in Curacao, CoinPoker is available for free download on Windows and Android devices, hosting No Limit Hold’em, Pot Limit Omaha and other game types in cash game and real money tournament formats.
New players earn a 150% match bonus up to 2,000 USDT 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 their own legal, financial, or tax professionals regarding their particular situation. The author(s) and publisher make no representations or warranties regarding the accuracy or completeness of the information contained in this article. Reliance on the information provided in this article is your own responsibility.
Contact
CoinPoker
support@coinpoker.com
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