• WazirX, an Indian cryptocurrency exchange, released its proof of reserves and proclaimed it to be India’s largest exchange both in volume and reserve funds.
• The exchange has roughly $285 million in user assets held in Tether (USDT), and 90% of user assets are held in Binance-based wallets.
• 19% of the exchange’s holdings are in Shiba Inu (SHIB), followed by 9.37% in Ether (ETH), 8.28% in Bitcoin (BTC), and 8.18% in DogeCoin (DOGE).
The cryptocurrency exchange landscape in India is highly competitive. In the midst of this competition, WazirX, an Indian cryptocurrency exchange, has made a bold move in releasing its proof of reserves. On Jan. 11, the exchange proudly proclaimed that it was not only India’s largest crypto exchange by volume but also India’s largest crypto exchange by reserves.
The proof of reserves was released via Coin Gabbar, a third-party crypto asset tracking platform. According to the data, WazirX had roughly $285 million in total user assets held in Tether (USDT) at the time of writing. 90% of user assets on WazirX were held in Binance-based wallets, with the remaining 10% stored in both hot and cold storage wallets. This amounted to roughly $256.5 million and $28.5 million, respectively.
The exchange said it chose Binance for its “strict protocols and industry-leading technical measures” used to safeguard user funds on its platform. Additionally, WazirX ensured users of a more than 1:1 ratio to protect user funds in case of liquidation.
In terms of holdings, 19% of the exchange’s holdings are in Shiba Inu (SHIB), followed by 9.37% in Ether (ETH), 8.28% in Bitcoin (BTC) and 8.18% in DogeCoin (DOGE).
The release of the proof of reserves is a signal of transparency for the Indian cryptocurrency industry, and WazirX is setting a precedent for other exchanges to follow. With this move, WazirX is making sure that users have the peace of mind that their funds are safe and secure. Furthermore, the fact that WazirX has the largest reserve funds in India speaks volumes about its commitment to its users and the industry as a whole.