In an article on Medium, writer Adam Holt shared how Bitreserve could serve as a central hub for digital assets to be stored in the cloud. The company currently holds $2.7m assets in their reserve, denominated in various currencies such as USD, EUR, GBP, etc.
Bitreserve aims to create a financial ecosystem in which people can hold, send, and receive money to and from anyone instantly. It could allow users to enjoy the safety and security of one-for-one matching in their reserve, enabling people to transact in up to sixteen different currencies instantly.
Cloud Storage for Digital Assets
The company publishes a real-time proof of solvency, assuring users that their holdings are backed up by real money. Bitreserve envisions a new financial system that removes the costs and delays of traditional banking. In addition, the company donates five percent of its profits in perpetuity to supporting economic opportunity worldwide through the Bitreserve Fund.
In a blog post, Bitreserve went into further detail about the transparency provided by their digital assets cloud server. In particular, the company shared how Reserveledger or Reservechain are blockchain-based technologies that could allow anyone to view their real-time obligations to members. This digital assets reserve is independently audited on a quarterly basis by a leading firm for maximum assurance.
In comparison to banks who only ensure a specified amount of holdings or only keep a fraction of the deposits in reserve, Bitreserve can be a more reliable option especially when another financial crisis hits. The company emphasized that its members can withdraw their deposits in full if another banking drain takes place.
Bitreserve also offers an API called Bitreserve Connect which allows any third-party company or independent developer to deploy transparent, state-of-the-art financial applications and services that benefit from ability to hold value in the cloud, free and instant global transfers, zero-cost currency conversions, coupled with built-in industry-leading KYC/AML compliance and best-in-class security.