India’s largest crypto exchange WazirX has released its proof-of-reserves (PoR) and has a reserves-to-liability ratio of more than 1:1, the company said on Wednesday. WazirX reports reserves worth $286.10 million, with Shiba Inu (SHIB) token as the highest asset worth nearly $54 million.
WazirX announces $286 million in reserves
Crypto exchange WazirX in one tweet on January 11, reported that it has released its Proof of Reserves, with total holdings of USDT 286.10 million. To increase transparency and trust, the crypto exchange has made its wallet addresses, list of exchanges, and proof of reserves public.
“At WazirX, the security and safety of user funds is our top priority. With this in mind we have created our wallet addresses, list of exchanges and independent #ProofOfReserves report publicly.”
According to the report, WazirX has reserves worth $286.10 million, with $259.65 million in crypto assets on the exchange and $26.45 million on the blockchain. The top 5 reserves held are 6.09 trillion Shiba Inu (SHIB), 1,356.54 BTC, 20,072.54 ETH, 303.32 million DOGE, and 16.53 million MATIC. Additionally, the crypto exchange’s native token WRX reserves are 95.67 million, valued at nearly $14 million.
After the release of the PoR report, WazirX claimed that it has sufficient reserve funds to meet user needs in unforeseen scenarios. In addition, the crypto exchange has a ratio of more than 1:1 Reserves to Liabilities. WazirX has now become India’s largest crypto exchange in terms of reserves.
WazirX has previously committed to sharing its proof of reservations. It said trading volume is down 76% from $43 billion in November 2021 to $10 billion in 2022 amid government moves on crypto tax and CBDC.
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Indian Crypto Exchange Move To Release PoR
In December last year, crypto exchange CoinDCX published its proof-of-reserves report, with a total value of $143.99 million. The report also revealed SHIB, MATIC and DOGE among the top 5 holding companies. So, it indicates that these tokens are mostly preferred by Indian users.
The SHIB price is currently trading at $0.00000896, up 2% in the past 24 hours amid the anticipated launch of the Shibarium blockchain.
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Varinder is a technical writer and editor, technology enthusiast and analytical thinker. Fascinated by disruptive technologies, he has shared his knowledge about Blockchain, Cryptocurrencies, Artificial Intelligence and the Internet of Things. He has been associated with the blockchain and cryptocurrency industry for quite some time and is currently covering all the latest updates and developments in the crypto industry.
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This post India’s WazirX publishes proof of reserves, Shiba Inu (SHIB) as largest holding company
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