India’s CoinDCX publishes full proof of reserves
Cryptocurrency exchange CoinDCX, India’s first crypto unicorn, published its complete proof of reserves (PoR) on Monday detailing its USDT liabilities and reserves.
See related article: US Senator Elizabeth Warren submits crypto know-your-customer bill in wake of FTX collapse
Fast facts
- CoinDCX has about US$155 million of liabilities in USDT and over US$157 million of total reserves, also in USDT, as of Dec. 15. Its PoR report, published with crypto research firm Coingabbar, is available to the public.
- The balance has been certified by statutory auditor, SGCO & Co. LLP, Chartered Accountants as per the format prescribed by the Institute of Chartered Accountant of India, the exchange said in a statement, adding that it has 1:1 assets backing and no fractional reserve operations.
- CoinDCX plans to publish its PoR on a quarterly basis and is in the process of launching a live dashboard to show its reserves and liabilities in real-time.
- In November, CoinDCX shared its on-chain and off-chain asset balances in partnership with Nansen as well as its reserves-to-liability (R2L) ratio for top 10 assets.
- Several crypto exchanges such as Binance and CoinSwitch have published their PoR to assure users, following the sudden collapse of FTX.
- See related article: Crypto market implosions, bankruptcies bring sweeping job losses … and opportunity
