CoinDCX Releases Proof of Reserve And Liability Report For January - March 2023 As part of its commitment to transparency and consumer protection, the company has now released a complete list of wallet addresses for public viewing and verification
By Teena Jose
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CoinDCX, a crypto company, has released its Proof of Reserve (PoR) report for January to March 2023 (extracted as on March 24, 2023). In December 2022, as a pioneering effort, CoinDCX had published the list of on-chain and off-chain asset balances as part of PoR. As part of its commitment to transparency and consumer protection, the company has now released a complete list of wallet addresses for public viewing and verification. This move aims to make it easier for customers to verify that the balances they hold are backed by real assets.
As of 24th March 2023, CoinDCX has reserves in USDT 19,94,00,736.84 and liabilities in USDT 19,85,96,420.85 According to the company's statement, the reserves represents cryptocurrencies lying on partner exchanges such as Binance, Huobi and Bitmex, wallets and relevant blockchains, whereas, user liability represents crypto balances of individual users.
The report, audited by SGCO & Co. LLP Chartered Accountants, has further revealed that all the cryptocurrencies are translated into USDT (Tether) based on prevailing exchange rate fetched from Coin Gebbar as on March 24,2023 at 4.45 pm.
"Transparency is at the core of our business and we take great pride in making our exchange safe and secure. Leading up to that promise, we are proud to present our second quarterly Proof of Reserve report. This report has been published with an aim to simplify accessibility of the digital asset for the masses. We will continue to publish quarterly reports along with token information and will stay committed to introducing industry best practices towards safety of the funds of customers and transparency," said Sumit Gupta, CEO and co-founder, CoinDCX.
The CoinDCX's first Proof of Report was released back in December 2022. A Proof of Reserve audit is simply the method by which an exchange employs the services of a third party crypto auditor in order to ensure that it has assets on its balance sheet and balances the customer holdings.
CoinDCX will keep publishing their quarterly Proof of Reserves report along with token information and 7M framework, to ensure education about the space goes hand in hand with the innovative features within the CoinDCX ecosystem, the statement noted.
