ICONOMI, a blockchain-based digital asset management platform, announced that it had been verified by Deloitte, the largest of the Big Four professional services companies. Thus, ICONOMI can claim to be the first crypto company to conduct a blockchain audit known as Proof of Solvency.
The review was performed on April 5, 2018, after which ICONOMI’s token price, coincidentally or not, has been on a bullish streak, gaining over 33% for the last seven days, according to Coinmarketcap data.
At the beginning of April, Deloitte audited ICONOMI’s $133.6 million of liabilities and $210.2 million of reserves distributed across 80 digital assets. According to ICONOMI’s page, all user balances are distributed as follows: 138.3 Bitcoin, 31.4 Bitcoin Cash, 67.3 Bitcoin Gold, 330491762.9 Cofound, 10444.3 Ethereum, and 35668389.9 Iconomi.
Deloitte started with ICONOMI’s liabilities to make sure users’ account balances were accurate. The auditor created a Merkle Tree of all accounts and balances to provide each user with the ability to verify balance while remaining anonymous.
In the second stage, Deloitte dealt with the proof of reserves, where all ICONOMI wallets and bank accounts with fiat money were tested for ownership based on a signature and transaction method. The verdict was positive, concluding that ICONOMI is solvent.
Gorazd Ocvirk, the head of Deloitte’s Blockchain Innovation Lab, said:
“We are pleased that ICONOMI decided to work with us to accomplish the first proof of solvency of a blockchain platform. We are especially proud of the fact that we are the first Big Four company delivering this service. We believe that this service can also become a blueprint for other blockchain companies looking to validate their assets to provide transparency to their investors.”
Tim Zagar, co-founder and CEO of ICONOMI, stated:
“In an emergent and unregulated environment, we believe that this is a critical step in demonstrating the importance we place in trust, transparency and user security.”
“With the audit by Deloitte, ICONOMI has set another milestone, which I believe will become a standard for all other companies in our industry and help us move towards better regulation of the whole market,” he added.
At the time of writing, the ICONOMI token is priced at $1.55.