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Why did an Indian exchange, CoinDCX, publish its Proof of Reserves days after releasing its R2L ratio?

CoinDCX publishes on-chain and off-chain assets with a complete list of wallet addresses

One of India's most prominent crypto exchanges, CoinDCX, has decided to share its Proof of Reserves (PoR) by publishing on-chain and off-chain assets with a complete list of wallet addresses in partnership with Nansen.ai, according to a blog post put up by the company. Understanding Proof of Reserves: It is an independent audit conducted by a third party which ensures that a custodian holds the assets it claims to on behalf of its clients. https://twitter.com/smtgpt/status/1595745388866473984 Why it matters: Crypto exchanges have been leaving no stone unturned to address the scepticism of crypto investors in the aftermath of FTX’s collapse. Many are worried that their investments may not be as secure as they were led to believe at the time of investment. An independent disclosure can help assuage fears of anxious investors and it can also help instil confidence, which may just be at an all-time low, in an unregulated sector. What is disclosed in CoinDCX's PoR: CoinDCX collaborated with Nansen which has published on-chain balances & wallet addresses for a number of exchanges like Binance, OKX, Kucoin, Huobi, Bybit, among others. The dashboard allows anyone to verify the exchange’s wallet addresses and on-chain balances, as per a Twitter thread by CoinDCX CEO and Co-founder Sumit Gupta. [caption id="attachment_173000" align="alignnone" width="880"] Source: Nansen[/caption] How to read the dashboard: The blog explained that net worth (~$124 million) is the “market value of all crypto assets held on behalf of users and of CoinDCX on-chain or with third parties.” Chain Allocation: It is…

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I cover several beats such as Crypto, Telecom, and OTT at MediaNama. I can be found loitering at my local theatre when I am off work consuming movies by the dozen.

MediaNama’s mission is to help build a digital ecosystem which is open, fair, global and competitive.

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