We missed this earlier: CoinDCX, a popular crypto exchange in India, shared its Proof of Reserves (PoR) report from January to March 2023 (as on March 24, 2023), according to a press release reviewed by MediaNama. The exchange revealed that it had reserves of USDT 19,94,00,736.84, whereas its user liabilities stood at USDT 19,85,96,420.85. [caption id="attachment_183650" align="alignnone" width="880"] Source: CoinDCX[/caption] The company explained that reserves represent cryptocurrencies lying on partner exchanges (Binance, Huobi and Bitmex), wallets, and relevant blockchains. Furthermore, liability represents crypto balances of investors. The exchange published on-chain and off-chain asset balances in December 2022, but it has now released a complete list of wallet addresses for public viewing and verification. It said that the customers can verify if the balances that they hold are backed by real assets. "We will continue to publish quarterly reports along with token information and will stay committed…towards safety of the funds of customers and transparency,” Sumit Gupta, CEO and Co-founder, CoinDCX, said in a statement. Understanding Proof of Reserves: It is an independent audit conducted by a third party that ensures that a custodian holds the assets it claims on behalf of its clients. CoinDCX’s audit was done by SGCO & Co. LLP Chartered Accountants. Why it matters: The reports are important as they started to come in after the FTX fiasco last year, which triggered a meltdown. It has seen an erosion of the users' trust in the aftermath, and these reports can help instill that confidence again. The complete visibility of assets and liabilities assuages…
What does CoinDCX’s latest report tells us about its holdings and user liabilities?
The exchange published on-chain and off-chain asset balances in December 2022, but it has now released a complete list of wallet addresses for public viewing and verification.
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