In a transparent move, CoinPoker published a Proof of Reserves (PoR), showing nearly 17 million dollars in secure funds. From the get-go, the company branded itself as community-focused and secure. This recent move to publish financial records is a firm step in that direction.
At the same time, CoinPoker moved to sign two strategic partners, Patrick Leonard and Mario Mosböck.
First, let's look closer at the Proof of Reserves that CoinPoker published, then the two poker players joining their team.
What the CoinPoker Proof of Reserves Shows Us
CoinPoker has taken a significant step towards financial transparency by publishing a detailed proof of reserves report. This report reveals that user deposits are covered 1:1 in cold wallets, which are visible on the blockchain.
The breakdown you'll see below shows that CoinPoker holds $16,196,887 in customer deposits, with a total of approximately $16,990,000 in reserves. This means the platform maintains additional reserves of about 104.9% of deposits, separate from CoinPoker's corporate holdings.
The move to publish a PoR report is noteworthy in the online poker industry, where trust and financial security have been significant concerns since the Full Tilt Poker scandal in 2011. During that incident, known as 'Black Friday,' it was revealed that user funds were co-mingled with operating funds, leading to the company's insolvency.
For online poker players, it's a huge confidence builder to know a poker room isn't mishandling their funds.
CoinPoker's approach aligns with the practices of major crypto exchanges like Binance, hopefully ushering in a new standard for transparency in online poker. While major operators such as PokerStars, 888poker, Unibet, and GGPoker hold player deposits in separate segregated accounts, a crypto poker site's use of blockchain technology offers extra visibility of these funds.
Integrating cryptocurrency into mainstream poker platforms is still a work in progress, but actions like these move in the right direction. CoinPoker's efforts could pave the way for wider adoption of cryptocurrency in the future, with some other benefits. Reports like these could pressure more traditional online poker rooms to be increasingly transparent about their own reserves. All in all, it could have a very positive effect on the sport.
To celebrate the first Proof of Reserves in online poker history, CoinPoker is giving away $2,000 in tickets to the $40K Sunday Special on Twitter. To get in the game and see the rest of their MTT or cash game lobby, sign up for an account online. There's a 150% welcome bonus waiting for all newcomers, giving you a huge 50% rakeback for the bonus duration. On top of that, active players can score 20% extra rakeback from GipsyTeam, without jumping through hoops to get it.
Meet CoinPoker's Two New Strategic Partnerships
Coinciding with its financial transparency, CoinPoker has announced strategic partnerships with two renowned poker professionals.
– Mario Mosböck
A 28-year-old former Austrian footballer turned poker professional, Mario Mosböck has joined CoinPoker as an official ambassador. Mosböck made his mark on the poker world, amassing over $11.7 million in recorded live tournament earnings.
Immediately, Mario began replying to questions on Twitter and promised to be a voice for players, both internally at CoinPoker and externally on social media.
His largest scores include 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, earning $4.6 million. On CoinPoker, Mosböck plays under the screen name 'livinmydream' and is often seen in high-stakes battles in $25/$50 PLO cash games and higher.
– Patrick Leonard
Patrick Leonard, a former partypoker ambassador and fixture of the poker community, has also joined the team. Leonard is currently ranked 38th on England's all-time money list according to the Hendon Mob poker database, with total live earnings exceeding $3.1 million, including a WSOP bracelet win.
Announcing his signing with CoinPoker, Patrick also outlined his intentions and asked for the public to hold him accountable.
Patrick's online earnings of over $19.2 million have established him as one of the best online MTT players in the world. Leonard is also a highly regarded poker coach, mentoring mid-stakes players through his PADS on PADS course by Run It Once Training. Much like Phil Galfond, he's become well-respected within the community and often speaks on current events.
We'll update you on any other moves CoinPoker makes, including active promotions and rewards.
