I haven’t written about Celery in a while (July, in fact, a story you can read here), but something they are doing is really awesome and I wish more services operating in the digital currency sector would replicate it.
They’re calling it the ‘transparency page‘, and for a good reason. They’re revealing how much in customer funds are available, total quantities, and a ton more. Pretty neat, don’t you think?
Here’s the sort of statistics you can expect to see:
- Total customer funds
- Total customer bitcoins
- Total customer dogecoins
- Total customer litecoins
- Average order time
- Average digital currency send time
- Transaction feed
According to the supplied data, Celery (which is a new service, mind you) is currently holding just 48 bitcoins (7 percent of which are in a hot wallet, with the rest being in cold storage). They’re also holding over 48 million dogecoins and over 350 litecoins.
Total customer funds being held? $34,181 USD. Not a terrible lot, but the single fact they’re revealing this information is a positive thing, in my view.
I do have to say there’s at least one part of this transparency page that I think could have been omitted. That’s the transaction feed, which publicly announces when a user has purchased or sent bitcoin, dogecoin, or litecoin. That announcement is coupled with their username, revealing just who carried out the transaction. Not exactly private, is it?
Update: I’ve been informed by the folks at BTX Trader (they run Celery) that users are provided the option as to whether or not transactions are displayed publicly, so it’s an opt-in system, and not everyone’s transactions are made public.
It can be fixed, though. And for other companies out there: take notes. The public has a right to know how you’re storing funds.