Key Highlights:
- Although the company withheld information about the magnitude of its obligations, it did state that the ratio of reserves to liabilities was still “greater than 1:1.”
- With Binance-based wallets, WazirX users often park their funds, with Shiba Inu tokens making up the majority of total reserves.
- The crypto research firm CoinGabbar collaborated with the Proof of Reserves to publish it.
WazirX, an Indian crypto exchange, published its proof-of-reserves (PoR) report in which it revealed a reserves-to-liability ratio of greater than 1. In addition, WazirX made its wallet addresses and a list of exchangers public in addition to the paper that was published by CoinGabbar, a third-party platform that analyzes cryptocurrency holdings.
The exchange claims that by making its PoR public, it hopes to reassure consumers that their money and virtual digital assets are secure and have enough liquidity to meet their withdrawal requests.
“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,” Rajagopal Menon, Vice President of WazirX, said.
Assets’ details of WazirX
WazirX has over $285 million in total customer assets held in Tether (USDT) at the time of writing, according to the data.
The statement claims that 90% of user assets on WazirX are held in wallets powered by Binance, with the remaining 10% being held in wallets that support both hot and cold storage. This comes to approximately $256.5 and $28.5 million, respectively.
With 6.09 Tn, or $53.72 Mn, or 19% of WazirX’s total reserves, the cryptocurrency exchange holds Shiba Inu tokens.
WazirX also owns 19,930.93 Ethereum tokens worth $26.51 million and 1,356.61 Bitcoins worth $23.6 million. Ethereum contributes 9.38% to the entire reserves, while Bitcoin makes up 8.36% of all user assets.
