Crypto platform CoinSwitch has revealed total holdings of ₹3,497.22 crore and user holdings of ₹2,774.10 crore, including cryptocurrencies and Indian rupees, in the third edition of its Proof of Reserves (POR). The POR also showcased a 79.8 per cent jump in total holdings from ₹1,944.8 crore in the previous year.
According to the proof of reserves, CoinSwitch maintains a holdings ratio of 1:1 or more, allowing users to redeem or withdraw their crypto and rupee balances at any time. Moreover, the assets held by PeepalCo, the parent brand of CoinSwitch, are in addition to these funds, and are not included in this POR assessment.
Balaji Srihari, Business Head, CoinSwitch, said, “Trust is the foundation of every successful business relationship. At CoinSwitch, we understand that earning and keeping the trust of our users is paramount. Our third Proof of Reserves demonstrates our commitment to transparency and accountability — giving our customers full confidence that their assets are safe and secure with us.”
Additionally, the edition disclosed that CoinSwitch maintains a 1:1 ratio against customer holdings of Virtual Digital Assets (VDA or crypto). The total customer crypto holdings are ₹2,609.12 crore, while CoinSwitch’s total crypto holdings amount to ₹3,045.45 crore.
(Inputs from bl intern Vidushi Nautiyal)