India-based crypto exchange WazirX publishes its Proof-of-Reserves (PoR) report to offer user transparency. Around 90% or $259.07 million of the total user assets were stored in Binance wallets, with the remaining $26.45 million being stored in hot wallets.
According to the report, “WazirX’s reserves-to-liabilities ratio remains more than 1:1, implying sufficient liquidity for users in the event of a withdrawal.”
WazirX had $285 million in total user assets as of the time of writing, reflected by the stablecoin USDT.
Rajagopal Menon, Vice President of WazirX, stated “While the user assets may be on Binance wallets, WazirX has the API (application programming interface) which gives us control of the tokens.”
Shiba Inu (SHIB) held the biggest percentage of user funds on WazirX at almost 19% at the time of writing, with Ethereum (ETH) and Bitcoin (BTC) holdings at 9.37% and 8.28%, respectively.
WazirX collaborated with CoinGabbar, a third-party platform that tracks crypto assets, to publish the proof of reserves report. “WazirX is India’s largest crypto exchange by volume; now, it is also the largest by Reserves,” a blog post noted.
Last year, there was a feud between crypto exchanges Binance and WazirX over the ownership of the Indian exchange, with Binance announcing it will cease to support off-chain transfer channels between WazirX and Binance.
Sudeep Saxena, the co-founder of CoinGabbar, stated “The holdings at Binance Sub-Accounts belong to WazirX only but kept with Binance. The validity of these holdings depend upon Binance honoring the liquidation of the same. The same holds good for other exchanges including CoinDCX and SunCrypto, for which we have integrated the proof of reserve.”
Also Read: India’s CoinDCX Launches its Proof-of-Reserves Report
