CoinDCX Publishes Proof Of Reserve For Transparency The crypto company plans to prepare and publish monthly updates regarding its R2L ratio, in order to maintain customer confidence in company's health and investment safety

Cryptocurrency exchange CoinDCX on Thursday published its on-chain and off-chain balances as a part of their Proof of Reserves (PoR) in partnership with blockchain analytics platform Nansen. With this, a complete list of balances along with wallet addresses shall be available for public to view and verify.

"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," said Sumit Gupta, co-founder and CEO, CoinDCX.

Adopting a progressive approach among its Indian competitors, the company released its Reserve to Liability (R2L) ratio last week for its top 10 assets. The crypto company plans to prepare and publish monthly updates regarding its R2L ratio, in order to maintain customer confidence in company's health and investment safety.

As a self-regulating entity, it avoids exposing user funds to price and credit risk. Customers will be able to access their funds at any given time of the day for trading purposes. The company has taken a conscious decision to not have its original tokens to safeguard platform users in order to prevent the tokens to become a major part of their portfolio. Additionally, CoinDCX has utilized multi-party-computation (MPC) technology to enable transfer of assets and funds among secure wallets.