Setting New Standards for the Blockchain Industry: ICONOMI’s Digital Assets Verified by Deloitte
ICONOMI’s first blockchain audit represents one of the most important milestones so far, another bridge we have built between the old and the new economy, and another step we have made toward transparency and trust. With the help of our community, clients, partners, and employees, we are building a global story and setting up criteria for a better and more orderly blockchain industry. I’m convinced that with this move, by using the principles of the existing financial world and adding innovative processes from the emerging crypto-economy, we are taking another proactive step toward regulation. I’m also confident that such responsible practices will help pave the way for other blockchain-based companies. The only way blockchain companies will become widespread is through trust.
Self-regulation has become an important part of the blockchain industry. In the past months, we have demonstrated a commitment to trust, transparency, and self-regulation, such as through the approach we’ve taken to our extended quarterly Financial Reports.
We are proud to have demonstrated this commitment through our blockchain audit by Deloitte. By providing an independent overview, Deloitte verified that the digital assets on our platform have been reported accurately and that ICONOMI is solvent. On April 5, 2018, ICONOMI had $133.6M of liabilities and $210.2M of reserves, distributed across 80 digital assets, fully covering all liabilities. With this step, ICONOMI has become the first blockchain-based company to be blockchain audited by a “Big Four” professional services firm.
The Deloitte report proves our unwavering commitment to blockchain adoption and conveys the seriousness with which we approach our responsibility to our users and the public and our willingness to engage with other “players in the field.” Audits enable trust, and having an independent and objective assessment of ICONOMI’s digital assets conducted by a Big Four professional services firm enhances our transparency even further.
We will continue to build a global and successful company that respects its clients’ and employees’ needs, meets the commitments we made during our ICO, and innovates to deliver an industry-leading service for our users.
Read more about the technical details of the blockchain audit here.