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Willemstad, Curaçao, August 9, 2024, Chainwire
Online poker site CoinPoker has released a Proof of Reserves (PoR) report showing that user deposits are secured 1:1 in a cold wallet visible on the blockchain, with additional reserves in a hot wallet to process immediate withdrawals.
Praising the move towards greater transparency for cryptocurrency-based poker sites, former Austrian footballer and poker expert Mario Mosböck has been named as the site’s new official ambassador alongside British pro Patrick Leonard.
In the X post, Mario Mosböck stated that the duo's “mission is to lead a new leadership group to create the world's best online poker site.”
Users can read CoinPoker's proof of holdings report here.
Building the best online poker site with cryptocurrency
Founded in 2017, CoinPoker is a relatively new cryptocurrency poker room and casino, but is increasingly being rated as one of the top online poker sites by Card Player Magazine, PokerScout, Techopedia, and more.
Unlike traditional internet poker sites that use fiat currency, CoinPoker players bet with Tether (USDT), and the site uses blockchain to ensure that user funds are safe and segregated.
Online poker was rocked by the Full Tilt Poker scandal in 2011. Player funds were mixed with operating funds and the company went bankrupt due to the industry’s ‘Black Friday’.
While many top poker sites are increasingly accepting cryptocurrencies as a deposit method, CoinPoker is one of a small but growing group that is ‘all in’ and embracing them in all the action at the poker tables. Players can deposit USDT, Bitcoin, Ethereum, Solana, Polygon, Binance Coin, or their own native token CHP, which offers holders a 33% rakeback.
To enhance security, CoinPoker uses Fireblocks vaults and decentralized RNG (random number generator) software, which allows players to verify the randomness after each game, utilizing Ethereum’s Keccak-256 algorithm.
CoinPoker Signs Mario Mosbork, Patrick 'Pad' Leonard
Mario Mosböck, 28, who plays as a striker for Austrian football club Wiener Neustadter SC, has recently made a name for himself on the live and online poker scene.
He has more than $11.7 million in live tournament earnings, including a $1.1 million first-place finish at the current Triton Super High Roller Series in Jeju and a $4.6 million runner-up finish at the 2023 WPT Big One for One Drop.
Source – triton-series.com
Mario players using the screen name 'livinmydream' on CoinPoker are often seen in high stakes battles, starting from $25/$50 PLO cash games.
Patrick Leonard is a former PartyPoker Ambassador and currently ranks 38th on the UK’s all-time money list according to the Hendon Mob poker database. His total live earnings are in excess of $3.1 million, including a WSOP bracelet win. And with over $19.2 million in online earnings, the 35-year-old is often considered one of the world’s best online MTT players.
https://x.com/padspoker/status/1821575144504172892
Patrick is also a highly regarded poker coach, mentoring mid-stakes players to improve their game, and some of his grinders have gone on to win EPT, WCOOP and SCOOP events.
He described his goal at CoinPoker as 'creating the safest and best online poker room in the world' and worked with the site to produce the Proof of Reserves report.
Proof of Reserves on Blockchain
CoinPoker states in its PoR report:
'CoinPoker prioritizes customer security and peace of mind. Our operations are protected by the Curaçao eGaming License, ensuring strict regulatory standards. We demonstrate our financial integrity through Proof of Reserves, which means we hold sufficient funds to cover all user assets. Proof of Reserves refers to the assets we hold for our users when they fund their accounts.
Here we provide evidence that CoinPoker holds reserves to cover all user assets 1:1, and that it provides some additional reserves. It is important to note that this total of funds is for user funds only. CoinPoker's corporate reserves, which are stored completely separately in wallets, are not factored into the proof of reserve calculation.'
CoinPoker currently has approximately $16 million in customer deposits, with total assets held in reserve to cover this at approximately $16.75 million, or 105% of deposits.
The exact amount deposited by the player is dynamically updated every few minutes on the coinpoker.com website.
Depending on the token, you will be provided with a link to view those funds on the blockchain via etherscan.io, blockchain.com, bscscan.com, and other cryptocurrency tracking sites.
Most funds are stored in cold storage for security, while some are stored in hot wallets for immediate withdrawal. Players can deposit and withdraw funds within minutes via MetaMask wallet or cryptocurrency exchange account.
To celebrate the release of the report, CoinPoker has announced an exclusive promotion on the company’s Instagram and other social media platforms offering free entry into their upcoming $40k GTD Sunday Special tournament.
Introducing CoinPoker
Licensed in Curaçao, CoinPoker is free to download on Windows and Android devices and hosts real money cash games as well as tournament formats of No Limit Hold'em, Pot Limit Omaha and other game types.
New players will receive a 150% matching bonus on their first deposit, up to 2000 USDT, while players holding the site’s native cryptocurrency CHP will receive 33% rakeback for playing.
Users can open a Coinpoker account here.
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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 here and should consult their own legal, financial or tax advisors regarding their specific circumstances. The author and publisher make no representations or warranties as to the accuracy or completeness of the information contained in this article. Reliance on the information provided in this article is solely at your own risk.
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