India’s largest crypto exchange WazirX has released its proof-of-reserves (PoR) and has a reserves-to-liability ratio of over 1:1, the company said on Wednesday. WazirX has reserves of $286.10 millions, with Shiba Inu token (SHIB), the largest holding at almost $54 million.
WazirX Announces $286 Million Of Reserves
WazirX, a crypto exchange, announced in a tweet that it had published its proof-of reserves. Its total holdings were 286.10 millions USDT. The crypto exchange made public its wallet addresses, list and proof-of reserve report in order to increase transparency.

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“At WazirX security and safety are our top priorities. We have made public our wallet addresses, list exchanges, and independent #ProofOfReserves reports.
The WazirX report states that WazirX holds reserves of $286.10 millions. There are $29.65 million worth crypto assets on the exchange, and $26.45 Million on the blockchain. The top five held reserves include 6.09 trillion Shiba Inu, 1,356.54 BTC and 20,072.54 Ethereum. 303.32 Million DOGE and 16.53 million MATIC are also included. The crypto exchange’s native token, WRX, has a reserve of 95.67 million. This is nearly $14 million.
WazirX released its PoR report and claimed that it had sufficient reserves to cover the user’s needs in unanticipated situations. The crypto exchange also boasts a higher than 1:1 Reserves to Liabilities ratio. WazirX is now India’s largest crypto-exchange by reserves.
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WazirX had previously committed to sharing its proof of-reserves. It stated that the trading volume dropped 76% from $43 Billion in November 2021, to $10 Billion in 2022 due to the government’s move regarding crypto tax and CBDC.
Also read: Terra and Do Kwon Voluntarily Dismissed from Class Action Lawsuit
Indian Crypto Exchange To Release PoR

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CoinDCX, a crypto exchange, published its proof-of reserve report in December 2017. It revealed a total holding amounting to $143.99 million. The report also identified SHIB and MATIC as the top five holdings. This indicates that Indian users prefer these tokens.
The SHIB price is currently trading around $0.00000896. This is a 2% increase in the last 24 hour due to the expected launch of the Shibarium Blockchain.
Also read: Binance Revenue grows 10X; but can it sustain growing asset outflows?

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