CoinSwitch, India’s largest crypto-investing platform, has published the second edition of its Proof of Reserves (POR), demonstrating the transparency and verifiability of the platform’s claimed assets. The independent review and on-chain validation showcase that CoinSwitch’s overall holdings of crypto and INR balances are higher than those of its customers.
The INR equivalent value of the total holdings of CoinSwitch, including crypto and fiat, is INR 1944.8 crore. User holdings, including crypto and fiat, with CoinSwitch stand at INR 1431.30 crore. According to the proof of reserves, CoinSwitch maintains a holdings ratio of 1:1 or more.
A ratio of 1:1 or higher means that the platform holds all user assets and fiat balances, allowing users to redeem or withdraw them at any time.
“As the largest crypto platform in the country, transparency is at the core of our values, and we take our responsibility toward all stakeholders very seriously,” said Ashish Singhal, Co-founder and CEO of CoinSwitch. “This led us to be the first of the crypto organizations in the country to announce POR last year.
Through an independent review of our holdings and on-chain validation via our crypto wallet addresses, we ensure there are no blind spots, providing our users with complete visibility into our holdings.”
The review was carried out as per the standards prescribed by the Institute of Chartered Accountants of India (SRS 4400) on March 31, 2023, which is the closing day of the financial year 2023.
The POR findings verify the following:
- CoinSwitch’s total holdings are greater than its users’ assets.
- CoinSwitch maintains a holdings ratio of 1:1 or more.
- CoinSwitch’s cash and cash equivalent balance are 6.79 times the INR balance of its users.
The higher ratios are on account of CoinSwitch’s own crypto assets and INR balance.