Second Edition in 2024, Following the First in May
Bangalore, 22 October 2024: CoinSwitch, India’s leading crypto platform serving over 2 crore users, has reaffirmed its dedication to transparency by releasing the fourth edition of its Proof of Reserve (POR). This marks the second publication of POR by CoinSwitch in 2024, with the first edition released in May.
The latest POR assessment, conducted through an independent review and on-chain validation, confirms that CoinSwitch’s overall holdings of crypto and INR balances (Indian Rupees) exceed the total balances of its users.
CoinSwitch’s total holdings, including crypto and INR, are valued at INR 2514.91 crore, while user holdings amount to INR 1952.81 crore. The report confirms that CoinSwitch maintains a holdings ratio of 1:1 or higher, ensuring that the platform holds as much or more than the users’ balances, allowing them to redeem or withdraw their assets at any time.
The assets managed by PeepalCo, the parent brand of CoinSwitch, are not included in this POR assessment.
“Recent developments in the Indian crypto industry emphasize the need for greater transparency and accountability. At CoinSwitch, safeguarding user funds is at the heart of our mission. We deeply value the trust users place in us when investing and trading, and we are committed to maintaining that trust,” said Balaji Srihari, Business Head at CoinSwitch.
The review, completed in line with standards set by the Institute of Chartered Accountants of India (SRS 4400), was based on data as of 30 September 2024.
Key Findings of the Proof of Reserve:
- CoinSwitch maintains a 1:1 ratio against total user holdings, including crypto and INR. While user holdings stand at INR 1952.81 crore, CoinSwitch’s total holdings amount to INR 2514.91 crore.
- CoinSwitch also holds a 1:1 ratio for Virtual Digital Assets (VDA or crypto), with user crypto holdings totaling INR 1880.84 crore and CoinSwitch’s own crypto holdings valued at INR 2245.91 crore.
Additionally, CoinSwitch has disclosed its public crypto wallet addresses, enabling users to verify CoinSwitch’s crypto holdings in real-time through blockchain explorers. The platform employs industry-grade solutions to ensure the safe and secure custody of users’ cryptos.
