The Indian crypto exchange platform, CoinSwitch announced its Proof of Reserve on Thursday. In the blogpost, the exchange announced that the total value of user’s funds on the platform is Rs 1431.30 crore.
The total valuation of CoinSwitch exchange’s holding is Rs 1944.8 crore, which is higher than the user’s total holdings. It claims that ‘cash and cash equivalent balance is 6.79 times the INR balance of our users.’
CoinSwitch is a crypto exchange aggregator which pools liquidity from multiple crypto exchanges. By doing so, it enables buying and selling crypto assets at the best price in Indian Rupees. It claims to have over 19 million users.
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“Transparency and diligent risk management are of utmost priority.” said Ashish Singhal, Co-founder and CEO of CoinSwitch, “Our decision last year to conduct an independent Proof of Reserves review, the first in India, spoke to this commitment. We pledged to continue this practice of transparency and trust-building.”
CoinSwitch shared its Proof of Reserve last year with being the first Indian crypto entity to reveal crypto holdings. The company has shared its wallet’s lists citing the total value of crypto holding at 1419.35cr.
In November 2022, CoinSwitch introduced ‘CoinSwitch Pro’ which enables trading at multiple exchanges with single login.
