• Indian-based crypto exchange WazirX has published its Proof-of-Reserves (PoR) report, which shows it holds about $285 million worth of crypto assets.
• WazirX currently holds about 6.09 trillion SHIB tokens worth approximately $54.6 million, 1,356 Bitcoin worth about $23.6 million and 20,056 Ethereum valued at $26.6 million.
• About 90% of users‘ assets (worth $259.15 million) are held in wallets at Binance, while the remaining 10% ($26.54 million) are stored in hot and warm wallets.
Indian-based crypto exchange WazirX has recently published its Proof-of-Reserves (PoR) report, providing greater transparency into the exchange’s holdings and reserves. According to the report, WazirX holds a total of $285.7 million worth of crypto assets, with about 4,229 assets listed for trading.
Among these 4,229 listed assets, WazirX currently holds about 6.09 trillion SHIB tokens worth approximately $54.6 million, which accounts for 19.13% of total holdings. Additionally, it holds about 1,356 Bitcoin worth about $23.6 million and 20,056 Ethereum valued at $26.6 million.
In regards to users‘ assets, WazirX noted that about 90% of users‘ assets (worth $259.15 million) are held in wallets at Binance, while the remaining 10% ($26.54 million) are stored in hot and warm wallets. This ensures that WazirX has sufficient reserve funds to meet users‘ withdrawal demands at any time, as it has more than 1:1 reserve holdings of users‘ assets.
The move to publish its PoR report comes in the wake of the FTX collapse, as several other crypto exchanges including Binance, Kraken, and OKX have moved to increase their transparency by publishing their proof-of-reserve reports. WazirX’s publication of its PoR report is an indication of its commitment to providing a high level of transparency to its users, while also ensuring the safety of their assets.
Overall, the PoR report from WazirX illustrates the exchange’s commitment to transparency and providing a safe, secure trading experience for its users. It is likely that other exchanges will follow suit and publish their own reports in the near future.
