Indian Crypto Exchange CoinSwitch Releases Proof of Reserves

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Indian Crypto Exchange CoinSwitch Releases Proof of Reserves
Credit: © Reuters.

  • CoinSwitch released its proof of reserves (PoR) on Monday.
  • CoinDCX was the first Indian crypto exchange to release its proof of reserves.

CoinSwitch, a cryptocurrency trading platform, has released its proof of reserves, revealing that the total value of user assets held as of January 6, 2023, is approximately $131.096 million, or 1,083.45 crores. Amounts held in the wallets indicated total about $112.99 million, or 933.83 crores. 

Reveals $131.09 Million in Assets

On November 24, CoinDCX was the first Indian cryptocurrency exchange to release its proof of reserves. This comes just weeks after Binance, the world’s largest crypto exchange, revealed its proof of reserves in November. Along with a complete list of wallet addresses, the PoR includes an asset and liabilities balance for both the on-chain and off-chain. 

Ashish Singhal, co-founder and CEO, CoinSwitch stated:

 In 2023 we will aim to give you access to all information, good or bad. This year we will go the extra mile to make our processes and systems crystal-clear for you. We are committed to building India’s best wealth-tech destination, and we can be the best only if you know it and believe in it.

As per reports, 85% of cryptocurrency assets are kept in custody wallets, and 15% are kept on exchanges. It claims to work with several exchanges, including CoinDCX, WazirX, Binance, and CoinSwitchX.   The collapse of FTX has devastated the cryptocurrency community. Sam Bankman-Fried, the CEO of FTX, detained earlier this month by US officials who accused him of fraud and money laundering. To allay investor concerns, many exchanges have begun to issue proof of reserve declarations.

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