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December 20, 2022

From the Cryptoverse - What does "Proof of Reserves" even Mean? - Ep. 6

Join hosts Trevor English and Jacques Potts as they dive into this week’s latest cryptocurrency news and developments. This episode of From the Cryptoverse covers Binance, proof of reserves, Defi, and the future of crypto tax and accounting. Listen in to gain insights about what’s happening in the world of cryptocurrency today!

Binance News

First up, we discuss the news that Binance, one of the largest cryptocurrency exchanges, has lost its auditing partner, Mazars. This has raised concerns about the transparency and accountability of Binance's operations, as well as the overall stability of the exchange. We delve into the implications of this development and what it means for Binance's users.

Proof Of Reserves

Next, we tackle the topic of proof of reserves. For those unfamiliar, proof of reserves is a method by which cryptocurrency exchanges demonstrate that they have the funds they claim to have in their possession. But are these proof of reserves really good for anything? We explore the pros and cons of this method and discuss whether it's a reliable indicator of an exchange's financial health.

Defi & The Future of Crypto Tax & Accounting

In the second half of the episode, we shift our focus to Defi (decentralized finance) and the future of crypto tax and accounting. Defi has exploded in popularity in recent years, with many people turning to these decentralized platforms to manage their finances. But with this new technology comes new challenges, including how to properly report and pay taxes on cryptocurrency transactions. We discuss the current state of Defi and how it's changing the way we think about taxes and accounting in the crypto world.

So join us for this week's episode of From the Cryptoverse as we delve into these important topics and more. Whether you're a seasoned crypto veteran or new to the world of digital assets, this is a must-listen for anyone interested in the latest developments in the crypto space.

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