CoinSwitch, India’s largest cryptocurrency platform, has just put out the fifth edition of its Proof of Reserves (POR). With over 2 crore users, the platform is once again showing its commitment to keeping things transparent by confirming that it holds enough crypto and INR to cover all user redemptions.
An independent chartered accountancy firm verified CoinSwitch’s assets, following the standards set by the Institute of Chartered Accountants of India (SRS 4400). The audit specifically looked at two CoinSwitch companies: Bitcipher Labs LLP and Nextgendev Solutions Private Limited, checking their crypto and INR holdings as of March 31, 2025.
Here’s the breakdown:
- Customer Holdings (Crypto + INR): ₹2,138.64 crore
- CoinSwitch Holdings (Crypto + INR): ₹2,764.20 crore
Simply put, CoinSwitch holds exactly what it takes to back every withdrawal 1:1 in crypto and INR—and then some.
The extra holdings come from CoinSwitch’s own assets, which are separate from user funds.
The report also reveals a growth of about 10% in customer holdings compared to the previous report, mostly due to market conditions and rising prices.
The report also shows a roughly 10% increase in customer holdings compared to the last edition, driven by favorable market conditions and rising crypto prices. For example, Bitcoin (BTC), which was priced at ₹57 lakh on October 22, 2024, has risen to ₹80 lakh, reflecting a solid price uptick.
In terms of crypto specifically:
- Customer Crypto Holdings: ₹2,043.15 crore
- CoinSwitch Crypto Holdings: ₹2,576.54 crore
Why This Matters
In an industry where trust is everything, CoinSwitch is continuing to push for transparency. To allow users to verify the findings themselves, the platform has made an updated list of its major crypto wallet addresses available, with the latest information as of May 6, 2025.
On top of that, CoinSwitch makes sure over 95% of its crypto is held in its own custodial wallets and on CoinSwitchX, the platform’s exchange. The remaining less than 5% is kept on partner exchanges, just to help with the trading experience for users.
With this fifth edition of its Proof of Reserves, CoinSwitch is strengthening its promise of keeping users’ funds safe while maintaining the trust of its growing community.
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