Indian crypto exchange WazirX released its Proof of Reserves (PoR) report revealing its reserves-to-liability ratio of more than 1:1. Along with the document, published by CoinGabbar, a third-party platform that tracks crypto assets, WazirX also made its wallet addresses and list of exchanges publicly available.

At press time, the Indian company had over $283 million in total user assets in the form of the USDT stablecoin.

Proof of Reserves

WazirX, in a statement, highlighted that the platform is not only the largest crypto exchange in India by volume, but also the largest in terms of reserves. According to the report, 90% of user assets are held in wallets on Binance despite a very public dispute between the CEOs of the two crypto exchanges, CZ and Nischal Shetty, over ownership of WazirX.

Meanwhile, the remaining 10% user asset balance is stored in hot and warm wallets. This adds up to almost $257.25 million and $26.59 million, respectively.

The wallets used by the platform are multi-sig with multiple private keys required to perform certain tasks, making compromise difficult.

Over the past two months, several cryptocurrency exchanges have been quick to publish PoR reports in an apparent attempt to reassure clients that their funds are safe after the FTX crash. WazirX is the latest to join the trend. In the event of liquidation, the company assured clients that it has sufficient funds “until the last minute” to allow withdrawals in the event of liquidation.

Commenting on the report, WazirX Vice President Rajagopal Menon said:

“We are committed to building India’s leading crypto exchange responsibly and securely, and full transparency is a key part of that commitment. By making our wallet addresses, exchange list and independent Proof of Reserves report publicly available, we hope to give our users the confidence and security they deserve.”

WazirX Fiscal Year 2022

With the market crashing, WazirX’s trading volume fell dramatically by 76% in the 12-month period ending in December. However, the crypto exchange saw more than 7X growth in scale in the fiscal year ending March 2022, most of which can be attributed to the 2021 bull market cycle.

Its fiscal year 22 operating income was recorded at $108.4 million, increasing by more than 632% from $14.8 million in the prior fiscal year. WazirX’s biggest source of income was commissions that originated from trading. This represented 94% of the collections, which increased to $101.9 million in FY22 from $14.25 million in FY21.

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