In continuation of its efforts to make its proof of reserves public, CoinDCX further strengthened the trust and transparency amongst its users by publishing its full proof of reserves with an audited report. The report furnishes both sides of its reserve balance i.e. assets and liabilities and has been published in partnership with Coin Gabbar a crypto research firm. Further, the balance has been duly certified by the statutory auditor, SGCO &Co. LLP, Chartered Accountants as per the format prescribed by the Institute of Chartered Accountant of India.
CoinDCX’s Proof of Reserve stands at:
| Total value of reserves in USDT | $157,934,252 | As on December 15th, 2022, 6:00 pm |
| Total value of liabilities in USDT | $155,299,556 | As on December 15th, 2022, 6:00 pm |
The PoR is an on-chain and off-chain asset & liability balance along with a complete list of wallet addresses. CoinDCX’s PoR is now available for public viewing and verification with the click of a button.
In its commitment to remain completely transparent with user funds, CoinDCX intends to post 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.
Sumit Gupta, Co-Founder and CEO, CoinDCX said, “In our pursuit towards complete transparency, we are proud to publish a certificate issued by our statutory auditor towards our Proof of Reserve and user liability. With this certificate we would like to reassure our users that your exchange is in a healthy condition”. He further added that, “While the current user sentiment is low key it’s important to share maximum information to users about the safety of their VDA’s. At CoinDCX, we are committed to staying transparent and it will be our endeavor to build a strong foundation which stands on the pillars of trust, safety, security for all”.
In a pioneering effort amongst Indian crypto exchanges, CoinDCX on November 24, 2022, shared its on-chain and off-chain asset balances in partnership with Nansen as well as shared its reserves to liability (R2L) ratio for top 10 assets.
For CoinDCX, a self-regulated exchange, user protection is utmost important. In the coming future CoinDCX will work towards newer updates on transparency and will continue sharing information with its users.
About CoinDCX
CoinDCX is India’s leading crypto exchanges with a mission to create a robust Web3 ecosystem for global customers from India. As a leading crypto exchanges, it serves over 15 million users and has recently forayed into offering DeFi services through Okto wallet app.. Built with user experience and security in mind, CoinDCX offers its users innovative products and features. The projects on the platform are listed only after appropriate due diligence through its 7 M principles – a stringent evaluation framework. CoinDCX serves to strengthen innovation within the Web3 ecosystem through CoinDCX Ventures, enhance crypto education through DCX Learn, and continues to be a leading player in India’s crypto industry, furthering crypto trading experience through safety and compliance on the CoinDCX app.
Recognized and awarded for its contribution to the Indian emerging tech space, CoinDCX is backed by investors such as Pantera, Steadview Capital, Kingsway, Polychain Capital, B Capital Group, Bain Capital Ventures, Cadenza, Draper Dragon, Republic, Kindred, and Coinbase Ventures. CoinDCX is ISO Certified and KYC/AML compliant.
For more information, visit https://coindcx.com/
About Coin Gabbar
Coin Gabbar is a one of its kind Information and Research Marketplace in the Crypto space. We provide the best information/news/research to the users so as to enable the users to make wise and informed decisions in their Crypto Investments. We also aim to connect the masses with the latest in the Crypto World.
About SGCO &Co. LLP
SGCO &Co. LLP, Chartered Accountants, is a leading multidisciplinary CA firm in India with expertise in subjects ranging from audit, accounts, taxation and regulatory matters.