• Skip to main content
  • Skip to secondary menu
  • Skip to primary sidebar
  • Skip to footer
  • Upcoming Events
    • CryptoSphere, Wrocław (February 4, 2023)
    • TMRW, Dubai (February 8-10, 2023)
    • Blockchain Fest, Singapore (February 16-17, 2023)
    • Blockchain Economy Summit, London (February 27-28, 2023)
    • Paris Blockchain Week (March 20-24, 2023)
    • GAIN Expo, Amsterdam (May 4-5, 2023)
    • Blockchain Expo North America, Santa Clara (May 17-18, 2023)
    • COMEX, Oman (May 22-25, 2023)
    • BLOCK3000: Blockchain Battle, Lisbon (July 6-7, 2023)
    • NFT Show Europe, Valencia (July 14-15, 2023)
    • TOKEN2049, Singapore (September 13-14, 2023)
    • Blockchain Expo Europe, Amsterdam (September 26-27, 2023)
  • Past Events
    • Event Horizon
    • Blockchain Life
    • BlockShow Europe

Crypto Reporter

Online magazine about cryptocurrencies, NFTs, DeFi, GameFi and other blockchain technologies


Join us on Telegram: https://t.me/crypto_reporter
Visit Paris Blockchain Week on March 20-24, 2023
  • News
    • News Feed
    • Cryptocurrencies
      • Bitcoin
      • Altcoins
    • Payment solutions
    • Exchanges
      • Binance
      • bitFlyer
      • Bitfinex
      • CBOE
      • CME
      • Coinbase
      • Coincheck
      • Coinfloor
      • Nasdaq
      • Poloniex
    • Regulations
      • Australia
      • Belarus
      • China
      • Europe
      • India
      • Iran
      • Israel
      • Japan
      • North Korea
      • Philippines
      • Portugal
      • Russia
      • South Korea
      • Thailand
      • Turkey
      • Venezuela
      • Vietnam
      • United States
    • Blockchain platforms
    • Crypto news in brief
    • Stats & trends
    • Reviews
      • Ambrosus
      • ATN
      • Dash
      • Green Power Exchange
      • Power Ledger
      • ShapeShift
      • Waltonchain
      • Cryptocurrency market capitalization can top 4 trillion USD, under conservative estimates
    • Opinion
    • Sponsored
  • Press Releases

CoinDCX publishes their list of on-chain and off-chain balances as part of its Proof of Reserves report

November 25, 2022 By Crypto Reporter PR

CoinDCX India’s leading and most valued crypto exchange, published its Proof of Reverses (PoR) in partnership with Nansen. With this CoinDCX’s on-chain and off-chain asset balances and complete list of wallet addresses are available for public viewing and verification with the click of a button. The PoR data will be readily available, and CoinDCX plans to post monthly updates on its R2L ratio, to give customers complete confidence in the health of the company’s business and the safety of investments.

In a pioneering effort amongst Indian crypto exchanges, CoinDCX last week, shared its reserves to liability (R2L) ratio for top 10 assets. As a self-regulated exchange, CoinDCX never exposes user funds to price and credit risk. All customers can access their funds at any time for trade purposes. Secondly, the exchange has taken a conscious decision to not have its native token to safeguard users from the risk of making the exchange’s native token a large part of their portfolio. Thirdly, risk management and regular audit is an integral part of its system. CoinDCX has deployed state of the art multi-party-computation (MPC) technology to transfer assets among wallets that ensures security of funds.

Sumit Gupta, Co-Founder and CEO, CoinDCX said, “CoinDCX has always been on the forefront when it comes to adopting best practices of risk management, transparency and consumer protection. We have the highest levels of corporate governance and have always maintained a user liability to assets ratio greater than 1:1. As the next step towards implementing transparency, we have published our on-chain and off-chain assets and are also working on implementing cryptographic proof of liabilities in addition to certified audits of our financial health. With this, we want to instill complete trust in the users. We feel that access to transparency is not a privilege but a right of users.”

While the Indian crypto industry is undergoing regulatory clarity, CoinDCX is focussing on self compliance and following stringent security measures that are in the best interests of its users and the community at large. CoinDCX further strengthened its commitment towards transparency by announcing that it is working with reputed audit firms to certify its financial health and will publish the results shortly. Reiterating that POR is just one side of the coin, COinDCX said it believes in the need to have an equal visibility of liabilities, to ensure a healthy Reserves to Liability (R2L) ratio.

We’re proud to help the CoinDCX team increase transparency by publicly displaying their Proof-of-Reserves.” said Alex Svanevik, Co-Founder and CEO at Nansen. “This is an important step in building trust with the wider crypto ecosystem and we’re excited to continue to work closely together.”

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 Nansen
Nansen is a leader in this space and has published on-chain balances & wallet addresses for a number of notable exchanges like Binance, OKX, Kucoin, Huobi, Bybit and many others.

Filed Under: Press Releases

Primary Sidebar

Follow Us

Press Releases

Near Protocol (NEAR) and Polkadot (DOT) Drop; Orbeon Protocol (ORBN) Skyrockets 1400%

January 31, 2023

QI Blockchain Ecosystem: The Fastest Growing Ecosystem in the World

January 30, 2023

Here’s Why Aptos (APT) Will Overtake Ethereum

January 29, 2023

Maximizing Defi Opportunities: Orbeon Protocol (ORBN), Aave (AAVE) and Quant (QNT)

January 28, 2023

Blockchain Expo is returning to California

January 27, 2023

Cryptosphere

TMRW

Blockchain Fest Singapore 2023

Blockchain Economy London 2023

PBW 2023

GAIN Expo 2023

Blockchain Expo North America 2023

COMEX 2023

Blockchain Expo Europe 2023

Blockchain Expo Global 2023

Footer

Crypto Reporter is an online magazine about cryptocurrencies, NFTs, DeFi, GameFi and other blockchain technologies
About us
Contact us
Submit press-release

Search

2017-2023 Crypto Reporter