Crypto exchange WazirX on Wednesday released its Proof of Reserves (POR), showing a reserves-to-liability ratio of over 1:1. The company has enough reserves to meet the withdrawal requests, it said. In total, it has reserves worth $284.45 million.
“WazirX provides reassurance to customers that their funds and virtual digital assets remain safe, with enough liquidity to serve the customers’ withdrawal requests,” the company said.
“We are committed to building India’s top crypto exchange responsibly and securely, and full transparency is a key part of that commitment. By making our wallet addresses, list of exchanges, and independent Proof of Reserves report available to the public, we hope to provide our users with the trust and security they deserve,” Rajagopal Menon, vice president of WazirX, said.
At 19 per cent of all reserves, the firm’s highest amount of holding is in the form of Shiba Inu. WazirX has a total of 6.09 trillion SHIB tokens valued at $54.2 million.
It is followed by Ethereum and Bitcoin. The company has 1,356 Bitcoin valued at $23.6 million. It has 20,057 Ethereum tokens valued at $26.6 million, the PoR showed.
According to the company, it has the highest amount of reserves among all the crypto exchanges in India.
Indian exchanges started publishing their PoR after the collapse of the crypto exchange FTX. Binance CEO Changpeng Zhao announced that the largest crypto exchange in the world would start publishing the Merkle-tree proof of reserve. He also asked other exchanges to follow suit. Binance has already published its PoR.
“All crypto exchanges should do Merkle-tree proof-of-reserves. Banks run on fractional reserves. Crypto exchanges should not. @Binance will start to do proof-of-reserves soon. Full transparency”, he had tweeted in November.