Luno’s monthly Proof of Reserves: A Moore Johannesburg case study
How can customers see whether the assets held by a digital asset platform cover what it owes them? For Luno, part of the answer is a monthly Proof of Reserves report prepared by Moore Johannesburg.
The report sets out Moore’s factual findings on Luno’s customer assets, the corresponding customer liabilities and reserve coverage at a specified snapshot date. Luno also gives customers a way to check whether their own balance was included in the liability data used for that report.
About Luno
Founded in 2013, Luno is a global digital asset platform serving millions of customers, with core markets in Africa and Southeast Asia. Its offering spans more than 130 digital assets and includes products such as staking, bundles, tokenised stocks and ETFs, and prediction markets.
What the monthly engagement involves
Luno’s customer assets are held across different wallets, custody arrangements and blockchain networks. Moore brings evidence from these different sources together at the same reporting date.
The work starts with the customer balances. Moore reviews how Luno compiles its customer balances and checks the totals against its records. That data is then used to create a Merkle Tree, which allows customers to check their inclusion without making everyone’s account details public.
Moore also performs procedures over the assets Luno holds, including balances in relevant custodial accounts and wallets, evidence of wallet control, and arrangements for staked assets. It then compares the asset and liability balances and reports the resulting reserve coverage.
What customers can check
Through their Luno account, customers can use the verification tool to check whether their balance was included in that month’s liability snapshot.
That individual check sits alongside the wider monthly work. Moore’s procedures address the customer balance data, the assets held at the snapshot date and the comparison between the two.
A working model for other firms
Moore uses LedgerLens to support historical balance queries, wallet control procedures, Merkle Tree generation and customer verification. TrustReserve provides access to the technology and supports its implementation. Moore performs the agreed-upon procedures and reports its factual findings.
The Luno engagement shows how a firm can bring these elements together as a recurring service. For other firms, it offers a working example of how specialist expertise and technology can support digital asset reporting at scale, while giving customers a clearer view of the assets backing their balances.
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