Proof of Reserves
An independent attestation to verify that Luno fully collateralises customer assets.
Luno has always gone the extra mile to keep customers safe, with industry-leading processes protecting all our customers’ assets.
You don’t need to just take our word for it though.
Demonstrating our dedication to transparent and secure cryptocurrency investment, Luno ensures that all stored assets undergo monthly attestation by the independent audit experts at Moore (executed by Moore Johannesburg).
With this rigorous attestation process, executed by the use of Merkle Tree verification, you can have peace of mind that your investments with Luno are secure and accounted for accurately and completely.
So, what is it?
Moore is a global leader in the professional services industry. Specifically in Blockchain as a Trusted Partner for Chainlink.
On a monthly basis, they use Merkle Tree proof with specialised proprietary technology and perform a robust set of attestation procedures. This sets out to attest that all customer assets exist and prove that Luno is sufficiently collaterialised.
The Proof of Reserves is a widget-based web application that allows users to confirm their account balances were included in a specific proof of reserves attestation, and to download the corresponding reports.
It provides transparency for digital asset platform customers by presenting periodic attestation reports on the platform's token liabilities and the reserves held for these obligations.
These engagements are focused on customer liabilities and reserves and are intended to complement, not replace, full financial audits.
Why does this matter?
At Luno, we prioritise the trust and security of our customers above all else. That's why we're committed to maintaining full transparency through regular proof of reserves, ensuring that every coin you hold with us is backed by actual assets.
Our rigorous verification process guarantees that we have the liquidity to meet our obligations to you at all times.
Marius Reitz, GM of Luno said: We take a stand against crypto crime and proof of reserves helps to protect all stakeholders. Luno’s ten million customers in more than 40 countries can rest assured that their wallets do in fact contain the crypto stated. With Merkle Tree reporting, our customers can independently verify their own crypto, giving them added peace of mind. We have always said that Luno is a safe platform to secure and store crypto and this is external validation that this is in fact the case.
Reports
The report will only be available on the Luno website, you cannot access it through the app. You can view the report below:
Monthly reports
Previous reports (from Mazars)
Frequently asked questions
We have always gone the extra mile to keep investments secure by using industry-leading processes and bank-grade security to protect customers’ cryptocurrency. This report is designed to provide a greater level of transparency to Luno and your investments with us, for added peace of mind.
No one should just take our word for it though. That’s why we’ve added merkle tree functionality to the report. It allows you to independently verify that your crypto is securely held with us.
This proof of reserve reports plays a valuable role in creating a safer investment environment for all cryptocurrency customers, bolstering the credibility of the industry and achieving our mission of putting the power of crypto in everyone’s hands.
The use of the word audit is strictly defined by the standards that govern auditors internationally to cover the financial statements prepared at year end by a legal entity.
Auditors review company systems, financial statements and accounting principles while checking the accuracy of the company's financial records. The auditor is responsible for issuing an opinion on whether or not the financial statements fairly present a company's results and financial position.
As the proof of reserves only covers Luno’s customer cryptocurrency, this cannot be defined as an audit and therefore the mechanism for verification is an agreed upon procedure.
Yes! The proof of reserves verification covers Luno’s customer cryptocurrency globally.
The report from Moore Johannesburg ensures that customers’ investments are ‘collateralised’.
Moore Johannesburg concludes whether the nominal value of all cryptocurrencies as per the Asset Balance Reports are equal to or greater than the liability of funds owed to the customers as per the Customer Liability Report and therefore meets the definition of being collateralised.
This essentially means that they’ve checked that the Bitcoin, Ether and any other cryptocurrency you see in your Luno Wallet actually exists and belongs to you as the customer, so you can be sure that your cryptocurrency is always exactly where it should be.