India’s CoinDCX publishes full proof of reserves

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

See related article: US Senator Elizabeth Warren submits crypto know-your-customer bill in wake of FTX collapse

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.
  • See related article: Crypto market implosions, bankruptcies bring sweeping job losses … and opportunity

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