After Binance, crypto exchange CoinDCX publishes Proof of Reserves

business-standard.com:

Crypto exchange CoinDCX on Monday released its proof of reserves (PoR). The data showed that the total value of the reserves at the crypto exchange CoinDCX stood at $157.9 million against the total liabilities of $155.2 million as of December 15.

"While the current user sentiment is low key, it's important to share maximum information to users about the safety of their VDAs," Sumit Gupta, co-founder and CEO of CoinDCX, said. CoinDCX was the first Indian crypto exchange to release its proof of reserves on November 24.

This comes weeks after Binance, the largest crypto exchange in the world, shared its proof of reserves in November. As of November 22, Binance's Bitcoin was 101 per cent collateralized with the reserves of 575,742 Bitcoins.

The crypto world has been shaken by the fall of once the third-largest exchange, FTX. Earlier this month, US authorities arrested the CEO of FTX, Sam Bankman-Fried and charged him with fraud and misappropriation of funds. Many exchanges have started publishing proof of reserve statements to calm the investors' fears.

The PoR is an on-chain and off-chain asset and liability balance, along with a complete list of wallet addresses.

The company further said that it intends to post its PoR every quarter and will soon launch a live dashboard to show investors its reserves and liabilities in real-time.

The company held the highest amount of reserves in Ethereum at $19.8 million, data from crypto research firm Coingabbar showed. The second and the third-highest holdings were in Bitcoin and Shiba Inu, respectively.

"With this certificate, we would like to reassure our users that your exchange is in a healthy condition," Gupta said.