India’s largest crypto exchange WazirX has released its proof-of-reserves (PoR) and has a reserves-to-liability ratio of over 1:1, the company said on Wednesday. WazirX reports reserves worth $286.10 million, with Shiba Inu (SHIB) token as the highest holding worth almost $54 million.
WazirX Announces $286 Million Of Reserves
Crypto exchange WazirX in a tweet on January 11 reported that it has published its proof-of-reserves, with total holdings of 286.10 million in USDT. In order to increase transparency and trust, the crypto exchange has made public its wallet addresses, list of exchanges, and proof-of-reserves report.
“At WazirX, the security and safety of user funds are our top priority. Keeping this in mind, we have made our wallet addresses, list of exchanges, & independent #ProofOfReserves report public.”
According to the report, WazirX has reserves worth $286.10 million, with $259.65 million worth of crypto assets on the exchange and $26.45 million on the blockchain. The top 5 held reserves are 6.09 trillion Shiba Inu (SHIB), 1,356.54 BTC, 20,072.54 ETH, 303.32 million DOGE, and 16.53 million MATIC. Moreover, the crypto exchange’s native token WRX reserves are 95.67 million, worth nearly $14 million.
After releasing its PoR report, WazirX claimed that it has sufficient reserve funds to meet the user’s needs in unforeseen scenarios. Moreover, the crypto exchange has more than a 1:1 Reserves to Liabilities ratio. WazirX has now become India’s largest crypto exchange by reserves.
WazirX earlier committed to sharing its proof-of-reserves. It said the trading volume has dropped 76% from $43 billion in November 2021 to $10 billion in 2022 amid the government’s move 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 holding of $143.99 million. The report also revealed SHIB, MATIC, and DOGE among the top 5 holdings. Thus, it indicates that these tokens are mostly preferred by Indian users.
SHIB price is currently trading at $0.00000896, up 2% in the last 24 hours amid the anticipated launch of the Shibarium blockchain.
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