• WazirX, an Indian-based crypto exchange, has published its Proof-of-Reserves (PoR) report, which shows it holds about $285 million worth of crypto assets.
• The exchange currently holds about 6.09 trillion SHIB tokens worth approximately $54.6 million, 1,356 Bitcoin worth about $23.6 million and 20,056 Ethereum valued at $26.6 million.
• WazirX noted that it has sufficient reserve funds to meet users‘ withdrawal demands at any time, as it has more than 1:1 reserve holdings of users‘ assets.
WazirX, an Indian-based crypto exchange, recently published its Proof-of-Reserves (PoR) report, which shows that it holds about $285 million worth of crypto assets. According to Coingabbar data, the exchange currently holds about 6.09 trillion SHIB tokens worth approximately $54.6 million, 1,356 Bitcoin worth about $23.6 million and 20,056 Ethereum valued at $26.6 million.
The move comes in the wake of the FTX collapse and other crypto exchanges, including Binance, Kraken, and OKX, have moved to increase their transparency by publishing their respective proof-of-reserve reports. WazirX noted that about 90% of users‘ assets (worth $259.15 million) are held in wallets at Binance, while the remaining 10% ($26.54 million)are stored in hot and warm wallets.
The exchange states that it has sufficient reserve funds to meet users‘ withdrawal demands at any time, as it has more than 1:1 reserve holdings of users‘ assets. This means that the exchange has more funds than the amount of users’ assets, in order to protect against potential losses or other issues that may arise. This is an implied phenomenon as the exchange does not leverage users’ assets nor does it propagate margin trading, leverage trading, or any other activity that may create a risk of loss for users.
WazirX is further increasing its transparency by publishing an audit report of its holdings every month. This audit report is conducted by an independent third party auditor, and provides an even greater level of assurance that the exchange is managing its reserves properly.
The publication of this PoR report is an important step towards increasing transparency in the crypto industry, and will help to build trust with customers, as well as create a more secure and reliable trading environment. With the report, users can now have greater assurance that their funds are being managed responsibly and securely.