CoinPoker, an online poker platform utilizing blockchain technology, has recently released a Proof of Reserves (PoR) report. This report confirms that user deposits are fully backed 1:1 in cold wallets, which can be verified on the blockchain. Additionally, the platform maintains extra reserves in hot wallets to facilitate instant withdrawals. This move has been praised as a significant step towards enhancing transparency and trust within the online poker community.
High-Profile Partnerships and Ambassadors
In light of this development, CoinPoker has announced partnerships with prominent figures in the poker world. Former Austrian footballer and professional poker player Mario Mosböck, alongside British poker professional Patrick Leonard, have joined CoinPoker as official ambassadors. These partnerships underscore the platform’s commitment to improving its service and expanding its reach within the poker community.
Mario Mosböck has expressed his enthusiasm for CoinPoker’s approach, emphasizing the platform’s dedication to recognizing and fairly compensating artists and contributors. He believes that the Helios model represents a significant advancement in how artists are valued and supported in the digital age.
Patrick Leonard, another high-profile addition to the CoinPoker team, is known for his impressive poker career and his role as a mentor to mid-stakes players. Leonard aims to help CoinPoker create the safest and best online poker room in the world. His involvement in producing the PoR report highlights his commitment to transparency and security in online poker.
Unique Features and Security Measures
CoinPoker, founded in 2017, is a relatively new entrant in the crypto poker room and casino market. However, it has quickly risen to prominence, earning recognition from respected sources like Card Player Magazine, PokerScout, and Techopedia. Unlike traditional online poker sites that use fiat currency, CoinPoker operates exclusively with cryptocurrencies. Players can use Tether (USDT), Bitcoin, Ethereum, Solana, Polygon, Binance Coin, or the platform’s native token, CHP, which offers a 33% rakeback for holders.
I partnered with @CoinPoker_OFF as an official ambassador. Alongside @padspoker our mission is to guide the new leadership group to build the world´s best online poker room.
This huge challenge will only succeed by serving our community and we need your help on that path 🧵 1/2 pic.twitter.com/Fk3baV8Dqq— Mario Mosböck (@mariomosboeck) August 8, 2024
To ensure the security of user funds, CoinPoker utilizes Fireblocks vaults and a decentralized random number generator (RNG) software. This software, which uses Ethereum’s Keccak-256 algorithm, allows players to verify the randomness of each hand, adding an extra layer of transparency and trust to the platform.
A Brief History of Online Poker and Crypto Integration
The online poker industry has faced significant challenges in the past, notably the Full Tilt Poker scandal in 2011. During this incident, user funds were mixed with operating funds, leading to the company’s insolvency on what became known as ‘Black Friday’ in the poker world. In response to such events, many top poker sites have gradually adopted cryptocurrencies as a deposit method. However, CoinPoker stands out by fully embracing crypto for all transactions at the poker table.
The platform’s PoR report reveals that current customer deposits total approximately $16 million, with total assets held in reserve amounting to just under $16.75 million. This equates to 105% of deposits, ensuring that all user funds are fully backed. The amount of player deposits is updated dynamically on the CoinPoker website, with links provided to view these funds on various blockchain tracking sites.
Community Engagement and Future Prospects
To celebrate the release of the PoR report, CoinPoker announced an exclusive promotion for players. This promotion offers free entry into the upcoming $40,000 Guaranteed (GTD) Sunday Special tournament, further incentivizing player engagement and participation.
Mario Mosböck, known for his significant achievements in both live and online poker, has become a prominent figure on CoinPoker, playing under the screen name ‘livinmydream’. His involvement in high-stakes games and notable tournament finishes, including a first-place win at the Triton Super High Roller Series and a runner-up finish at the 2023 WPT Big One for One Drop, highlight his expertise and commitment to the platform.
Patrick Leonard, with over $3.1 million in live earnings and $19.2 million in online earnings, brings a wealth of experience to CoinPoker. His role as a mentor and coach to mid-stakes players has led to many of his protégés achieving success in major events such as the European Poker Tour (EPT), World Championship of Online Poker (WCOOP), and Spring Championship of Online Poker (SCOOP).
Commitment to Customer Security
CoinPoker emphasizes customer security and peace of mind, operating under a Curaçao eGaming License, which ensures compliance with strict regulatory standards. The platform’s commitment to demonstrating financial integrity through PoR reinforces its dedication to safeguarding user assets. CoinPoker maintains that its corporate holdings, stored in separate wallets, are not included in the PoR calculations, ensuring a clear distinction between user and company funds.
As CoinPoker continues to innovate and expand its offerings, its focus remains on providing a secure, transparent, and engaging environment for online poker players. The partnerships with Mario Mosböck and Patrick Leonard, along with the platform’s unique features and robust security measures, position CoinPoker as a leader in the evolving landscape of online poker.