CoinShares, a company that manages over $ 1 billion worth of cryptocurrencies, is opening up its reserves for the public to see. The service is provided by accounting firm Armanino, which will provide an updated portfolio status for various electronically traded products issued by XBT Provider, a subsidiary of CoinShares. In an interview with Cointelegraph, Richard Nash, CoinShares’ chief operating officer, said he hoped it would give him an edge over competitors like Grayscale:

“We can comfort our shareholders, whether they are investors or people who look at us through the usual rules.”

Nash and Noah Buxton, both blockchain and digital asset practitioners at Armanino, believe this is the first time that an investment company in this area has opened its reserves to public scrutiny. Provider XBT offers a variety of exchange-traded products based on Bitcoin (BTC), Ether (ETH), Litecoin (LTC) or XRP. The investor can exchange the banknotes issued by the company for the underlying digital assets minus fees.

Grayscale’s assets under management are five times the size of CoinShares. While the company does not publicly audit its reserves, the entire wallet is tied to Coinbase, which acts as a trustee.

Source: CoinTelegraph