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Indian Crypto Exchanges CoinDCX Updates Proof Of Reserves

Following the demise of FTX, the largest crypto exchanges in the world, including CoinDCX, pledged to release their proof-of-reserves (PoR) as soon as possible.

On December 19, the Indian crypto exchange CoinDCX and the crypto-research company Crypto Gabbar released their proof-of-reserves report. The cryptocurrency exchange plans to publish its PoR once every three months and to keep a live dashboard that updates in real-time to show investors its assets and liabilities.

2023 is likely to be one of the most spectacular years in the crypto space, according to CoinDCX, which tweeted after publishing its PoR report. In conjunction with Nansen, CoinDCX revealed its on-chain and off-chain asset balances and its reserves-to-liability (R2L) ratio for the top 10 crypto assets in November.

According to the most recent information, CoinDCX has 143.99 million USDT, with 66.56 million on the exchange and 77.43 million on the blockchain. The top five held reserves on the cryptocurrency exchange are 16,832.48 ETH, 1,176.92 BTC, 1.61 trillion Shiba Inu (SHIB), 9.49 million Polygon (MATIC), and 100.96 million Dogecoin (DOGE).

The Indian crypto community is waiting for WazirX’s PoR to breathe new life into the country’s struggling cryptocurrency sector, which is already suffering due to the government’s harsh policies.

WazirX reported a trading volume of over $10 billion through November 30 of this year, according to the company. It represents a 76% decrease from $43 billion in November 2021 due to the government’s crypto tax and CBDC initiatives.

As Coincu reported, a large number of employees of cryptocurrency exchange WazirX have been laid off due to a bear market combined with India’s harsh tax policy.

DISCLAIMER: The Information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.

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Harold

Coincu News

Harold

With a passion for untangling the complexities of the financial world, I've spent over four years in financial journalism, covering everything from traditional equities to the cutting edge of venture capital. "The financial markets are a fascinating puzzle," I often say, "and I love helping people make sense of them." That's what drives me to bring clear and insightful financial journalism to the readers of Coincu.