The largest cryptocurrency exchange in India, WazirX, announced on Wednesday that it had published its proof-of-reserves (PoR) and that it has a reserves-to-liability ratio of more than 1:1. Shiba Inu (SHIB) coin is the largest holding, valued at about $54 million, according to WazirX, which has reserves worth $286.10 million.
WazirX Declares Reserves Of $286 Million
Bitcoin exchange On January 11, WazirX tweeted that company has disclosed their proof-of-reserves, showing total holdings of USDT 286.10 million. The cryptocurrency exchange has made its wallet addresses, list of exchangers, and proof-of-reserves report public in an effort to boost transparency and trust.
“At WazirX, the safety and security of customer funds come first. In light of this, we have made our wallet addresses, exchange list, and independent #ProofOfReserves report public.
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At WazirX, the security and safety of user funds are our top priority 🔐
Keeping this in mind, we have made our wallet addresses, list of exchanges, & independent #ProofOfReserves report public.
— WazirX: India Ka Bitcoin Exchange (@WazirXIndia) January 11, 2023
The report claims that WazirX has reserves worth $286.10 million, with crypto assets totalling $259.65 million on the exchange and $26.45 million on the blockchain. 6.09 trillion Shiba Inu (SHIB), 1,366.54 bitcoins (BTC), 20,072.54 ether (ETH), 303.32 million doge, and 16.53 million matic are the top 5 holding reserves.
Additionally, the native token WRX reserves of the cryptocurrency exchange total 95.67 million, or around $14 million.
WazirX stated that it had enough reserve funds available to meet users’ needs in unforeseen circumstances after publishing its PoR report. Additionally, the reserve-to-liability ratio at the cryptocurrency exchange is greater than 1. By reserves, WazirX is now India’s biggest cryptocurrency exchange.
WazirX previously committed to publishing its proof-of-reserves.
According to the report, the government’s decision to implement a crypto tax and the CBDC caused a 76% decline in trade volume from $43 billion in November 2021 to $10 billion in 2022.
Indian Crypto Exchange Begins To Release PoR
Crypto exchange CoinDCX released its proof-of-reserves report in December 2022 with a total holding of $143.99 million. SHIB, MATIC, and DOGE were also among the top 5 holdings, according to the report. Therefore, it suggests that Indian consumers prefer these tokens the most.
In anticipation of the Shibarium blockchain’s upcoming debut, the price of SHIB is currently $0.00000896, up 2% in the last 24 hours.