CoinSwitch Publishes Fifth Edition of Proof of Reserves

CoinSwitch, India’s largest crypto platform with over 2 crore users, continues its commitment to transparency and trust-building by publishing the fifth edition of its Proof of Reserves (POR). The latest review confirms that CoinSwitch holds sufficient cryptos and INR balances to cover all user redemptions, maintaining a ratio of 1:1 or higher.

The independent verification of CoinSwitch’s crypto and INR holdings was conducted by a qualified chartered accountancy firm as per the standards prescribed by the Institute of Chartered Accountants of India (SRS 4400). The POR review covered two CoinSwitch entities: Bitcipher Labs LLP and Nextgendev Solutions Private Limited. The review was carried out for the status of cryptos and INR held as on March 31, 2025.

Key Findings

CoinSwitch’s total holdings are greater than its users’ holdings (numbers as on March 31, 2025, 24:00 hrs IST):

• Total Customer Holdings (Crypto + INR): Rs. 2,138.64 crore
• Total CoinSwitch Holdings (Crypto + INR): Rs. 2,764.20 crore

This means CoinSwitch maintains a holdings ratio of over 1:1 for both crypto and INR balances, ensuring all users can fully redeem their cryptos at any time. 

The higher ratio is attributed to CoinSwitch’s own assets held separately from user funds. The assets held by PeepalCo, the parent brand of CoinSwitch, are in addition to this, and not included in this POR assessment.

The report also indicates a ~10% growth in customer holdings compared to the previous POR edition, primarily driven by favourable market conditions and price appreciation. As of 22nd October, 2024, Bitcoin (BTC) traded at ₹57 lakh, and has since risen to ₹80 lakh, reflecting a robust upward trend.

The higher ratio is maintained for Virtual Digital Assets (VDA or crypto) separately as well:

• Total Customer Crypto Holdings: Rs. 2,043.15 crore
• Total CoinSwitch Crypto Holdings: Rs. 2,576.54 crore

Transparency and Verifiability

In an industry that thrives on trust, transparency isn’t optional—it’s foundational. This Proof of Reserves, now in its fifth edition, reflects our uncompromising focus on transparency, fund safety and user protection. To enable users to independently verify the findings, CoinSwitch has made public an updated list of its major crypto wallet addresses. The addresses of our major wallets are provided below (cut-off date: 6th May 2025). 

Further, to ensure fund safety, CoinSwitch holds over 95% of cryptos within its ecosystem of custodial wallets and our own exchange (CoinSwitchX) as shown in the image above. Some cryptos (less than 5%) are held on partner exchanges to make trading experience for our users simpler.

List of Crypto Wallets

The addresses of our major wallets are provided below:

Downloads

You can download past editions of our proof of reserves below.

Proof of Reserves (Fourth Edition – PDF)
Proof of Reserves (Third Edition)
Proof of Reserves (Second Edition)
Proof of Reserves (First Edition)