Bitbuy, a Canadian crypto exchange, has recently completed a third-party audit of its reserves. This was done after the case with QuadrigaCX, the Canadian exchange which lost all its money after its CEO died and, it turned out later, did not have all the money since the start.
In the wake of the scandal, the exchange decided to pay for an audit in order to increase the trust of the investors on it. In order to do the audit, the company partnered with CipherBlade, a blockchain security company based in the United States. After the audit was released, Bitbuy affirmed that it will regularly release new reports in the future.
Richard Sanders, the co-founder and CEO of the company, has commented on the audit. He has affirmed that the company was forthcoming with all its information and that they provided all the help they could to the auditor.
According to him, the consumers should expect this kind of transparency, so it is the obligation of the companies to provide it. The future will see a new dawn of accountability for companies, so it is important to take this first step.
All the reports found out by the auditor were properly backed by bank statements as well, which could clear out even more doubts about how it would all work. It was also reported that the amount of cryptos held by the company matched the digital assets held by the users at the occasion.
A New OTC Desk
Another change is that now Bitbuy will start to offer the services of over the counter (OTC) desks. The new desk will be called Pro Trading and it will offer several new features for the traders. They will be, among others, low latency orders for high-frequency trading and new crypto to crypto trading pairs.
The company has affirmed that it will have full control over the new product because it will produce it in-house. This way, the customers will be able to remain sure that the crypto exchange will always be clear with the products and that no problems will arise.
This is also part of a worldwide movement in which the crypto trading industry has been slowly moving away from retail investments to more institutional-based ones.
Several worldwide companies like Binance, Coinbase and Huobi are now targeting these markets with OTC desks and several special features for these traders, which has changed the market a lot recently.