Indian Crypto Exchanges CoinDCX And WazirX Proof Of Reserves Update

India’s top crypto exchanges CoinDCX and WazirX promised to release their proof-of-reserves (PoR) in the coming days after global crypto exchanges hurried to release their proof-of-reserves following the collapse of FTX.

Indian crypto exchange CoinDCX today released their proof-of-reserves, showing their commitment to the Indian crypto community. Meanwhile, the Indian crypto community awaits PoR of WazirX to bring back some life into the Indian crypto market, which currently suffers amid the government’s strict stance.

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CoinDCX Announces Proof Of Reserves

Indian crypto exchange CoinDCX on December 19 published its proof-of-reserves report with crypto research firm Crypto Gabbar. The crypto exchange intends to post its PoR every quarter and maintain a live dashboard to show investors its reserves and liabilities in real-time.

As per recent data, CoinDCX has 143.99 million in USDT, with 66.56 million in USDT on exchange and 77.43 million in USDT on the blockchain. The crypto exchange’s top 5 held reserves are 16,832.48 ETH, 1,176.92 BTC, 1.61 trillion Shiba Inu (SHIB), 9.49 million Polygon (MATIC), and 100.96 million Dogecoin (DOGE).

CoinDCX after releasing its PoR report tweeted “2023 is going to be one of the most remarkable years in the crypto space.” In November, CoinDCX shared its on-chain and off-chain asset balances in partnership with Nansen as well as its reserves-to-liability (R2L) ratio for the top 10 crypto assets.

CoinDCX’s co-founder and CEO in a tweet said:

“As promised, sharing the certificate issued by our statutory auditor on Proof of Reserves and user liability. With this, I would like to reassure all CoinDCX users that our exchange is in a healthy condition and your funds are completely safe with us.”

He also commits to transparency and building a strong foundation on the pillars of trust, safety, and security.

WazirX To Release Its PoR Soon

Another popular crypto exchange among the Indian crypto community, WazirX committed earlier to share its proof-of-reserves. The team is working with a third-party vendor and assisting them with the audit. “Rest assured, your funds are safe with us,” the exchange said.

Meanwhile, WazirX said it reported a trading volume of over $10 billion till November 30 this year. It’s a drop of 76% from $43 billion in November 2021 amid the government’s move on crypto tax and CBDC. Also, it signed up 2,122,925 new users this year and 27 percent of its first-time crypto buyers prefer investing in Shiba Inu (SHIB) tokens. The top tokens traded on WazirX were BTC, USDT, SHIB, WRX, ETH, TRX, DOGE, and MATIC.

Also Read: Shiba Inu Developer Confirms Shibarium Beta Launch, SHIB And BONE To Rally?

Varinder is a Technical Writer and Editor, Technology Enthusiast, and Analytical Thinker. Fascinated by Disruptive Technologies, he has shared his knowledge about Blockchain, Cryptocurrencies, Artificial Intelligence, and the Internet of Things. He has been associated with the blockchain and cryptocurrency industry for a substantial period and is currently covering all the latest updates and developments in the crypto industry.

The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.