CoinSwitch Publishes Third 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 third 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, 2024—the closing day of the financial year.

Key Findings

CoinSwitch’s total holdings are greater than its users’ holdings (numbers as on March 31, 2024, 24:00 hrs IST):

• Total Customer Holdings (Crypto + INR): Rs 2,774.10 crore
• Total CoinSwitch Holdings (Crypto + INR): Rs 3,497.22 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, even in extreme scenarios.

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.

For comparison, the total customer holdings with CoinSwitch as on March 31, 2024 has grown by 93% as compared to the previous edition of the POR.

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

• Total Customer Crypto Holdings: Rs 2,609.12 crore
• Total CoinSwitch Crypto Holdings: Rs 3,045.45 crore

Transparency and Verifiability

“Trust is the foundation of every successful business relationship. At CoinSwitch, we understand that earning and keeping the trust of our users is paramount. Our third Proof of Reserves demonstrates our commitment to transparency and accountability — giving our customers full confidence that their assets are safe and secure with us,” said Balaji Srihari, Business Head, CoinSwitch.

To enable users to independently verify the findings, CoinSwitch has made public an updated list of its major crypto wallet addresses. As a best practice, CoinSwitch holds over 85% of cryptos on custodial wallets. Some cryptos are held on partner exchanges to facilitate trading.

Crypto Wallet Addresses

The addresses of our major wallets are provided below. CoinSwitch reiterates that it does not reinvest or leverage users’ assets, which are held separately from the company’s own funds solely to simplify the crypto experience for Indian users.

List of Major Crypto Wallets

Full POR Report

Download the CoinSwitch POR Report FY 2023-24

Previous POR Reports

First Edition
Second Edition