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CoinSwitch releases proof of reserves, discloses $131 million in user assets


 

Cryptocurrency trading platform CoinSwitch has released its proof of reserves, disclosing that the total value of user assets held as of January 6, 2023, is approximately $131.096 million or ₹1,083.45 crore. 

Of this, assets held on the wallets listed is approximately $112.99 million or ₹933.83 crore. At the time of evaluation, this accounted for 86.2 per cent of all user assets in custody, the company said in a blog post. This comes at a time when crypto exchanges have been making efforts to reassure jittery customers who have been seeking disclosures. The recent FTX debacle in the crypto industry has made investors wary of exchange operations. 

The remaining assets are held on exchanges, and the value of these assets as of January 6, 2023 is approximately $18.1 million, or ₹149.62 crore. It revealed that the total value of assets on custodial wallets is ₹933.83 crore approximately and on exchanges ₹149.62 crore approximately. 

Ashish Singhal, co-founder and CEO, CoinSwitch, in a press note said, “As India’s largest crypto exchange, it is on us to build trust with our users by being more transparent. In 2023 we will aim to give you access to all information, good or bad. This year we will go the extra mile to make our processes and systems crystal-clear for you. We are committed to building India’s best wealth-tech destination, and we can be the best only if you know it and believe in it.”

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CoinSwitch noted that 85 per cent of crypto assets are held on custodial wallets and 15 per cent on exchanges. It said it works with multiple exchanges – CoinDCX, WazirX, Binance, and CoinSwitchX.

The company said users can independently verify the holdings using any of the publically available blockchain explorers. It also showed that it holds significantly more crypto assets than users. According to a report it had released earlier, every crypto asset users have bought on the platform is held by CoinSwitch on behalf of the users, and is accounted for. 

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