Original source: Chainwire
Online poker platform CoinPoker has released a Proof of Reserves (PoR) report showing that users’ deposits are held in cold wallets at a 1:1 ratio and are publicly viewable on the blockchain. In addition, CoinPoker also keeps additional reserve funds in hot wallets for instant withdrawals.
Former Austrian football player and poker pro Mario Mosböck has praised CoinPoker’s efforts to increase transparency through blockchain technology and announced a partnership with the platform as one of its new official ambassadors, alongside British pro Patrick Leonard.
On X Platform, Mario Mosböck said their “goal is to lead a new leadership team and build the best online poker platform in the world.”
Using Cryptocurrency to Build a Top Online Poker Platform
Founded in 2017, CoinPoker is a relatively new cryptocurrency poker platform but has been recognized as one of the top online poker platforms by media outlets such as Card Player Magazine, PokerScout, and Techopedia.
Unlike traditional Internet poker platforms that use fiat currency, CoinPoker allows players to participate using USDT and demonstrates the security and independence of user funds through blockchain technology.
In 2011, the online poker industry was rocked by the Full Tilt Poker scandal, when user funds were commingled with company operating funds, ultimately leading to the company’s bankruptcy in the industry’s “Black Friday.”
Many top poker platforms are increasingly accepting cryptocurrencies as a deposit method, but CoinPoker is one of the few platforms to fully embrace cryptocurrencies across all poker play. Players can deposit USDT, Bitcoin, Ethereum, Solana, Polygon, Binance Coin, or its native token CHP, and players who hold CHP can also receive a 33% rakeback.
To further enhance security, CoinPoker also uses Fireblocks’ vault technology and decentralized random number generator (RNG) software, which allows players to verify randomness using Ethereum’s Keccak-256 algorithm after each hand.
CoinPoker Signs Poker Pros Mario Mosböck and Patrick “Pads” Leonard
Mario Mosböck, 28, a former striker for Austrian football club Wiener Neustädter SC, has been rapidly rising to prominence in both live and online poker.
His current live tournament winnings total over $11.7 million, including a $1.1 million first-place prize at the Triton Super High Stakes Series on Jeju Island and a $4.6 million runner-up finish at the 2023 WPT Big One for One Drop event.
Mario uses the username "livinmydream" on CoinPoker and often appears in $25/50 PLO cash games and higher stakes games.
Patrick Leonard is a former PartyPoker ambassador and currently ranks 38th on the Hendon Mob Poker Database's England all-time money list. His total live tournament earnings exceed $3.1 million, including a bracelet at the WSOP. In addition, his online earnings have exceeded $19.2 million. The 35-year-old is regularly ranked as one of the best online multi-table tournament (MTT) players in the world.
A well-respected poker coach, Patrick guides mid-bankroll players to improve their game, with some of his students going on to win events at the EPT, WCOOP, and SCOOP.
His goal at CoinPoker is to help “create the safest and best online poker room in the world,” and he worked with the platform to compile its Proof of Reserves report.
Proof of Reserves on the Blockchain
In its Proof of Reserves report, CoinPoker wrote:
“At CoinPoker, our customers’ safety and peace of mind are our top priority. Our operations are protected by the Curaçao eGaming license, ensuring we adhere to strict regulatory standards. We demonstrate financial transparency through Proof of Reserves, which refers to the assets we hold in custody when a user deposits funds into their account.
The proof we provide here shows that CoinPoker has sufficient reserve funds to cover all users’ assets 1:1, and also holds additional reserve funds. It is important to note that these totals refer only to users’ funds. CoinPoker’s corporate funds are stored in a completely separate wallet and are not counted in the calculation of the proof of reserves.
Currently, CoinPoker’s total customer deposits are approximately $16 million, and the reserve assets used to cover these deposits are just under $16.75 million, or about 105% of deposits.
The exact amount of a player's deposit will be dynamically updated on the official website every few minutes.
Depending on the coin, the website provides links to view these funds on the blockchain through crypto tracking websites such as etherscan.io, blockchain.com, bscscan.com, etc.
For security, most funds are stored in cold wallets, and a small amount of funds are kept in hot wallets for instant withdrawal - players can deposit and withdraw funds within minutes through MetaMask wallets or cryptocurrency exchange accounts.
To celebrate the release of the report, CoinPoker also announced an exclusive promotion on the company’s Instagram and other social media platforms, where players can enter the upcoming GTD Sunday Special Tournament with a guaranteed prize pool of 40,000 USDT for free.
About CoinPoker
CoinPoker is licensed in Curacao and can be downloaded for free on Windows and Android devices. The platform offers games such as No Limit Texas Hold’em, PLO, and covers both cash games and tournaments.
New players can receive a 150% match bonus of up to 2,000 USDT on their first deposit, and players who hold the platform’s native cryptocurrency CHP can receive a 33% rebate.
