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Cryptocurrency exchange WazirX has released its proof of reserves report, disclosing that the value of user assets held is $286 million.
WazirX’s reserves-to-liabilities ratio remains more than 1:1, implying sufficient liquidity for users in the event of a withdrawal, it said.
This comes at a time when crypto exchanges have been making efforts to reassure jittery customers who have been asking for disclosures. The recent FTX debacle in the crypto industry has made investors wary of exchange operations.
Rajagopal Menon, Vice-President, WazirX, 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.”
User assets
The majority of user assets on WazirX are held in Binance-based wallets, with the remaining stored in both hot and cold storage wallets. Shiba Inu token make up the exchange’s largest holding, accounting for 19 per cent of all reserves. WazirX holds 6.09 trillion SHIB tokens totalling $53.8 million. Ethereum and Bitcoin are the next two. The exchange has 1,248.76 Bitcoin worth $21.7 millionand 19,832.17 Ethereum coins with a market value of $26.43 million.
WazirX is an India-based crypto exchange platform that allows users to buy, sell, and trade various crypto assets such as Bitcoin, Ether, Litecoin, and more. WazirX has over 15 million users.
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