Indian Crypto Exchanges CoinDCX and WazirX Proof of Reserves Update

After global crypto exchanges scrambled to release their proof of-reserves after the collapse at FTX, India’s top crypto exchanges CoinDCXX and WazirX have promised to release their PoR in the coming days.
Today, CoinDCX, an Indian crypto exchange, released their proof of reserve. This is a sign of their commitment to the Indian cryptocurrency community. The Indian crypto community is waiting for PoR of WazirX, which will bring some life back to the Indian crypto market that is currently suffering from the government’s strict stance.


CoinDCX Announces Proof of Reserves
Indian crypto exchange CoinDCX published its proof-of reserve report with crypto research firm Crypto Gabbar on December 19. The crypto exchange plans to publish its PoR each quarter and keep a live dashboard that shows investors its reserves and liabilities.
According to recent data, CoinDCX currently has 143.99 millions USDT. There are 66.56million USDT in exchange and 77.43million USDT on blockchain. The top five crypto exchange reserves are 16,832.48 Ethereum, 1,176.92 BTC and 1.61 trillion Shiba Inu(SHIB), 9.49 Million Polygon (MATIC) and 100.96 millions Dogecoins (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.
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In a tweet, CoinDCX’s CEO and co-founder said:
“As promised, I am sharing the certificate issued on Proof of Reserves by our statutory auditor and user liability. I want to assure all CoinDCX users, that the exchange is in a good condition and that your funds are safe with us.


He also pledges transparency and building a solid foundation on the pillars trust, safety and security.
WazirX to Release Its PoR Soon
WazirX, another popular crypto exchange in India, has previously committed to sharing its proof-of reserve. The team is currently working with a third party vendor to assist with the audit. The exchange stated that funds are safe with them.
WazirX reported that it had reported a trading volume exceeding $10 billion between November 30 and December 31, 2018. This is a 76% drop from $43 billion in November 2021 due to the government’s move regarding crypto tax and CBDC. It also signed up 2,122.925 new users this past year. 27 percent of its first-time buyers prefer investing in Shiba Inu tokens (SHIB). BTC, USDT and SHIB were the top traded tokens on WazirX.
Also read: Shiba inu developer confirms Shibarium beta launch, SHIB and BONE to rally?

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