Indian crypto exchange CoinSwitch released the third edition of its Proof of Reserves (PoR) on Thursday, May 23. The report claims that the value of total consumer holdings on CoinSwitch, including both cryptocurrencies and INR, is Rs. 2, 774.10 crore as on March 31, 2024. The stock exchange also revealed that its total holdings now stand at Rs. 3,497.22 crore, ensuring that it has sufficient crypto and INR reserves to cover all user redemptions. The company said it wants to reassure its user community that they can fully withdraw their crypto assets at any time.
Of CoinSwitch’s total crypto holdings reported at Rs. 3,497.22 crore, 26 percent was Bitcoin, eight percent was Dogecoin, eight percent was Shiba Inu, seven percent was Ether, five percent was Solana, and the remaining 46 percent was related to other cryptocurrencies, the report said .
Total user holdings with CoinSwitch as of March 31, 2024 have increased by 93 percent compared to the previous edition of the Proof of Reserves report, which was published last July.
“We understand that gaining and maintaining the trust of our users is the most important thing. Our third POR demonstrates our commitment to transparency and accountability — giving our customers full confidence that their assets are safe and secure with us,” Balaji Srihari, Business Head, CoinSwitch, said in a statement commenting on the development.
Additionally, the exchange has publicly released an updated list of major crypto wallet addresses so that users can verify the findings. As part of the update, CoinSwitch said it holds more than 85 percent of cryptocurrencies in custodial wallets.
This trend of publishing proof-of-reserve reports accelerated in the crypto sector two years ago after promising crypto projects like the FTX exchange collapsed due to mismanagement of funds, leaving investors stranded.
A new report from the stock exchange further claims that the verification of CoinSwitch’s crypto and INR holdings was conducted as per the standards prescribed by the Institute of Chartered Accountants of India.
