India’s largest cryptocurrency exchange WazirX has released its Proof of Reserve (PoR), joining other exchanges like Binance.
According to an announcement on its website, WazirX has released its wallet address, list of exchanges, and an independent PoR report. The exchange said it showed its commitment to “building trust and security within the crypto community” by making the evidence of its reserves public.
Customers can now rest assured that the exchange has sufficient liquidity to meet withdrawal requests, he added. emphasized that it is the largest in
WazirX Proof of Reserves is $285 million
To promote full transparency in the Indian crypto ecosystem, WazirX has published a PoR through crypto asset tracker Coin Gabbar. Through this platform, WazirX provides a holistic view of assets that can be easily accessed and updated in real time.
On the platform, users can clearly distinguish between all WazirX holdings and holdings on exchanges or blockchains. His exchange holdings have reached $259 million, with blockchain holdings totaling $26 million, bringing him to $285 million in total.
Nearly 50% of assets held on exchanges are either Bitcoin (BTC), Ethereum (ETH), Dogecoin (DOGE) or Shiba Inu (SHIB). In fact, the latter makes up more than 20% of his holdings on the exchange with his over 6 trillion coins worth $54 million.
Notably, the Reserve is built on the stablecoin Tether (USDT). Last year, WazirX announced that it would delist several major stablecoins, including Tether, and convert them to Binance USD (BUSD). However, in addition to denominations, Tether is still his 10th largest asset held on the exchange.
The lack of follow-through may have something to do with the problems the exchange faced with Binance last year. In August, the Indian Ministry of Finance confirmed that it would investigate WazirX for money laundering.Binance has formally distanced itself from the exchange, though authorities have unfrozen the company’s assets once they begin working together.
The world’s largest cryptocurrency exchange by volume previously announced that it had acquired WazirX in 2019. However, following an investigation, CEO Changpeng Zhao claimed The transaction has not completed. This was quickly refuted by WazirX co-founder and CEO Nischal Shetty.
BeInCrypto has reached out to the companies or individuals involved in the story to obtain an official statement regarding the recent developments, but has yet to hear back.