• WazirX released its proof of reserves, claiming to be India’s largest exchange both in volume and reserve funds.
• 90% of user assets on WazirX are held in Binance-based wallets, with the remaining 10% stored in both hot and cold storage wallets.
• WazirX has roughly $285 million in total user assets held in Tether (USDT) at the time of writing.
The Indian cryptocurrency exchange WazirX has taken a major step towards transparency by releasing its proof of reserves. This comes after the FTX liquidity and bankruptcy scandal which caused a lot of paranoia in the crypto industry. WazirX used Coin Gabbar, a third-party crypto asset tracking platform, to display its proof of reserves.
According to the data, WazirX has roughly $285 million in total user assets held in Tether (USDT) at the time of writing. 90% of user assets on WazirX are held in Binance-based wallets, with the remaining 10% stored in both hot and cold storage wallets. This amounts to roughly $256.5 million and $28.5 million, respectively.
The exchange also proclaimed that it is not only India’s largest crypto exchange by volume but also India’s largest crypto exchange by reserves. With this act of transparency, WazirX has set a new standard for the crypto industry. The exchange has shown that it is dedicated to providing its customers with the utmost security and trustworthiness.
The proof of reserves is a great step forward for the industry. It provides reassurance to customers that their funds are safe and secure on the platform. It also allows exchanges to prove to their customers that they have the necessary funds to cover customer deposits. This helps to prevent instances of fraud from occurring.
The move by WazirX is a great example of how the industry is maturing and becoming more transparent. It is a great sign that the industry is becoming more trustworthy and secure. As more exchanges begin to release proof of reserves, we can expect to see an overall improvement in the security and trustworthiness of the industry.