Major shift in the crypto custody landscape: Deribit has moved 90% of its client assets to Coinbase, simultaneously discontinuing its daily proof-of-reserves (PoR) checks. This strategic pivot significantly alters the transparency landscape for derivatives traders, raising critical questions about counterparty risk and asset verification in the post-Merkle check era.
• 90% of client funds are now held by Coinbase, a regulated US entity.
• Daily client Merkle tree checks have been removed as of Sept. 1.
• Transparency now relies on VARA reports and less frequent audited materials.
This move signals a consolidation of liquidity and a shift toward regulated custodial solutions, potentially impacting how $BTC and other major assets are secured on the exchange. For traders, the removal of daily PoR means relying on institutional audits rather than real-time cryptographic proof, which may influence sentiment and volume on high-leverage positions. The market is watching closely to see if this reduces friction for institutional adoption or increases perceived risk.
Do you trust centralized custodians over daily on-chain proofs? Is this a step toward institutional maturity or a red flag for transparency? Drop your thoughts below! 👇
#BinanceSquare #CryptoNews #Bitcoin
• 90% of client funds are now held by Coinbase, a regulated US entity.
• Daily client Merkle tree checks have been removed as of Sept. 1.
• Transparency now relies on VARA reports and less frequent audited materials.
This move signals a consolidation of liquidity and a shift toward regulated custodial solutions, potentially impacting how $BTC and other major assets are secured on the exchange. For traders, the removal of daily PoR means relying on institutional audits rather than real-time cryptographic proof, which may influence sentiment and volume on high-leverage positions. The market is watching closely to see if this reduces friction for institutional adoption or increases perceived risk.
Do you trust centralized custodians over daily on-chain proofs? Is this a step toward institutional maturity or a red flag for transparency? Drop your thoughts below! 👇
#BinanceSquare #CryptoNews #Bitcoin
