Indian cryptocurrency exchange WazirX has publicly disclosed its Proof of Reserves (PoR), revealing total crypto holdings worth approximately $281.04 million as of January 10, 2023. The audit confirms a reserve-to-liability ratio exceeding 1:1, ensuring full backing of user funds.
Key Highlights from WazirX’s Reserve Report:
- 90% of user assets are stored in Binance-controlled wallets, with the remaining 10% in hot wallets for operational liquidity.
Top 5 Crypto Holdings (by value):
- SHIB (19% of reserves, ~$54.34M)
- BTC (~$23.6M)
- ETH
- DOGE
- MATIC
Why Proof of Reserves Matters:
Transparency initiatives like PoR bolster investor confidence amid industry scrutiny. By sharing wallet addresses and third-party audit reports, exchanges demonstrate solvency and accountability.
👉 Explore how top exchanges ensure asset security
FAQs About WazirX’s Reserves
Q: How often will WazirX update its Proof of Reserves?
A: While not specified, exchanges typically conduct quarterly audits. Follow WazirX’s official channels for updates.
Q: Are user funds completely safe with WazirX?
A: The 1:1 reserve ratio and majority cold storage mitigate risks, but always practice self-custody for large holdings.
Q: Why does WazirX hold so much SHIB?
A: Reflects user demand; SHIB remains popular among Indian retail traders.
Industry Context
Post-FTX collapse, regulators globally prioritize exchange transparency. India’s crypto sector, though nascent, adopts best practices ahead of potential legislation.
👉 Learn more about emerging-market crypto trends
Data sourced from public audits and WazirX announcements. This article is for informational purposes only.
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