CoinSwitch Report Confirms Reserves Exceed Customer Holdings, Ensures Full User Redemptions

India’s CoinSwitch crypto exchange released the third edition of its Proof of Reserve (PoR) on Thursday, May 23. According to the report, the total consumer holdings on CoinSwitch, encompassing both cryptocurrencies and INR, amounted to Rs. 2,774.10 crore as of March 31, 2024. CoinSwitch further revealed that its total holdings now stand at Rs. 3,497.22 crore, ensuring that it has sufficient reserves of cryptocurrencies and INR to cover all user redemptions. The company aims to assure its user community that they can fully withdraw their crypto assets at any time.

The breakdown of CoinSwitch’s total crypto holdings, which total Rs. 3,497.22 crore, is detailed in the report. Bitcoin comprises 26 percent of these holdings, followed by Dogecoin and Shiba Inu, each at eight percent. Ether accounts for seven percent, Solana for five percent, and the remaining 46 percent consists of various other cryptocurrencies.

The latest report highlights significant growth in total customer holdings with CoinSwitch, which has increased by 93 percent compared to the previous edition of the proof-of-reserves report released in July last year. This growth underscores the exchange’s expanding user base and the increasing trust placed in its platform.

CoinSwitch’s commitment to transparency and security is evident in its regular publication of the Proof of Reserve reports. By providing detailed information on its holdings and ensuring sufficient reserves, the exchange aims to build confidence among its users and the broader cryptocurrency community.

The report also serves as a benchmark for other cryptocurrency exchanges, emphasizing the importance of maintaining transparency and robust financial practices. CoinSwitch’s proactive approach in publishing these reports sets a positive example in the industry.

Overall, the third edition of CoinSwitch’s Proof of Reserve report reaffirms the exchange’s solid financial position and its dedication to safeguarding user assets, reinforcing its reputation as a trusted and reliable platform in the cryptocurrency market.