Indian-based crypto exchange WazirX has published its Proof-of-Reserves (PoR) report, which shows it holds about $285 million worth of crypto assets.
In the wake of the FTX collapse, several crypto exchanges, including Binance, Kraken, and OKX have moved to increase their transparency by publishing their proof-of-reserve reports.
In the same light, the WazirX exchange announced Jan. 11 that it had published its reserve report via Coingabbar.
Coingabbar data has the total crypto holdings on WazirX at about $285.7 million, with about 4,229 assets listed for trading.
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.
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.
WazirX noted that it 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 exchange added:
Based on the nature of our business, this ratio is an implied phenomenon as we do not leverage our users’ assets nor propagate margin trading, lending, futures, and options trading.”
WazirX Vice President Rajagopal Menon said that by publishing its Proof of Reserve, the exchange intends to reassure the users that their funds are fully secured.
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- Source: https://cryptoslate.com/wazirx-publishes-proof-of-reserves-of-assets-worth-285m/