The first proof of Valax deposit has been published.
Valax published its first Proof of Reserves. This report has been prepared with the aim of clarifying the state of the riyal and cryptocurrency reserves of this platform and the coverage of its obligations to users, based on a review by an independent official panel of experts.
Based on the results announced in this certificate, the ratio of Valex's real balance to users' real assets is 157%, and the ratio of cryptocurrency balance to users' cryptocurrency assets is 109%. From these data it appears that at the time of the inspection, the balances under inspection in both sectors were higher than the corresponding liabilities of Valex.
Proof of Deposit is one of the financial reporting and transparency tools in the cryptocurrency industry that provides information on the amount of assets a platform has compared to its liabilities to users. Publishing such reports allows users to get a more accurate assessment of the platform's reserve status by accessing more documented information.