Deribit moves 90% of client assets to Coinbase, drops daily proof-of-reserves check
Deribit shifted most client funds to Coinbase and ended its daily Merkle proof-of-reserves check on Sept. 1.
Derivatives exchange Deribit has transferred approximately 90% of client assets to Coinbase, coinciding with the removal of its daily proof-of-reserves check.
The change took effect on Sept. 1. Deribit previously published a daily Merkle-tree proof-of-reserves that clients could inspect. That client-facing check has been discontinued.
Deribit continues to issue reports for the Virtual Asset Regulatory Authority (VARA) and audited materials, though those documents are less public than the daily Merkle check.
The custody shift means a large majority of user funds are now held at Coinbase, a major US-based exchange. The arrangement could become a key part of how clients assess counterparty risk.
Proof-of-reserves practices have drawn more attention in the crypto industry following previous exchange failures, with users increasingly asking platforms to demonstrate solvency.