July 27, 2023
CoinSwitch holds higher crypto assets and INR balances than its users
2nd edition of the POR shows the value of the total holdings of CoinSwitch is Rs 1944.8 crore
Demonstrating transparency and verifiability of the platform’s claimed assets, CoinSwitch, India’s largest crypto-investing platform, today announced the 2nd edition of its proof of reserves (POR). Achieved through an independent review and on-chain validation, the review showcases the company’s overall holdings of Crypto and INR balances (Indian Rupees) higher than those of customers’ holdings of Crypto and INR balances.
The INR equivalent value of the total holdings of CoinSwitch, including crypto and fiat, is Rs 1944.8 crore, and user holdings, including crypto and fiat, with CoinSwitch stand at Rs 1431.30 crore. According to the proof of reserves, CoinSwitch maintains a holdings ratio of 1:1 or more (A ratio of 1:1 or higher means the platform holds all user assets and fiat balances, allowing users to redeem or withdraw them at any time).
“As the largest crypto platform in the country, transparency is at the core of our values, and we take our responsibility toward all stakeholders very seriously. This led us to be the first of the crypto organizations in the country to announce POR last year.
Through an independent review of our holdings and on-chain validation via our crypto wallet addresses, we ensure there are no blind spots, providing our users with complete visibility into our holdings,” said Ashish Singhal, Co-founder and CEO, CoinSwitch.
The review was carried out as per the standards prescribed by the Institute of Chartered Accountants of India (SRS 4400) on March 31, 2023, which is the closing day of the financial year 2023.
The POR findings verify:
Further, with the public crypto wallet addresses, users can use blockchain explorers to get a real-time view of CoinSwitch’s crypto holdings. CoinSwitch employs industry-grade solutions to hold users’ assets safely and securely.
For more information refer: https://coinswitch.co/building-blocks/our-proof-of-reserves
CoinSwitch is on a mission to Make Money Equal for All. India’s largest Crypto investing app and a Great Place to Work®, CoinSwitch is creating an ecosystem that simplifies Crypto and is trusted by over 19 million registered users. The company was founded in 2017 by Ashish Singhal, Govind Soni, and Vimal Sagar Tiwari, and backed by blue-chip investors including Andreessen Horowitz (a16z), Tiger Global, Sequoia Capital India, Ribbit Capital, Paradigm, and Coinbase Ventures. The company is evolving into a wealth-tech destination by building a platform that democratizes investments for everyone — making them simple, safe and accessible to every Indian. For more information, visit: www.coinswitch.co
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