CADC Proof of Reserves
From the very beginning, PayTrie was built on the foundation of “not your keys, not your crypto”. The birth of PayTrie stemmed from the tough realities of QuadrigaCX and what it had done to the Canadian crypto ecosystem.
Over the past week, the world experienced something similar to what Canadians did in 2019 when QuadrigaCX failed to properly custody client funds. We continue to urge users in the crypto community to educate themselves in self-custody and utilize the tools to safely secure your funds.
In light of recent events, we submit a plea to separate exchange businesses from custody businesses which should be separate from liquidity and market making businesses. The commingling of funds between these entities have created an endless cycle of rehypothecation. Let us all work together to create a safer, more transparent crypto ecosystem.
To further increase transparency on CADC and to provide trust in the community, starting today, we are creating a Community Validator program where selected and trusted members of the community are given read-only access to the CADC reserve accounts.
Community Validators can independently verify and attest to the reserve funds backing every CADC. Community Validators will provide monthly attestations by publishing a tweet or retweet to confirm that CADC across all chains is over-collateralized.
Additionally, we have included historical redacted bank reserve statements below and will continue to provide bank reserve statements as we ramp up our Community Validator program.
If you are interested in becoming a Community Validator, please reach out to cadc@paytrie.com for more information.
Redacted Bank Reserve Statements
https://app.paytrie.com/images/CADC_Bank_Attestation_May_2022.pdf
https://app.paytrie.com/images/CADC_Bank_Attestation_Jun_2022.pdf
https://app.paytrie.com/images/CADC_Bank_Attestation_Jul_2022.pdf
https://app.paytrie.com/images/CADC_Bank_Attestation_Aug_2022.pdf
https://app.paytrie.com/images/CADC_Bank_Attestation_Sep_2022.pdf
https://app.paytrie.com/images/CADC_Bank_Attestation_Oct_2022.pdf
