Cryptocurrency exchange CoinDCX, India’s first crypto unicorn, published its complete proof of reserves (PoR) on Monday detailing its USDT liabilities and reserves.
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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.
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