Indian Crypto Exchange WazirX Publishes Proof-of-Reserve

  • Shiba Inu (SHIB) token is the largest at about $54 million.
  • The crypto exchange has 95.67 million of its native token WRX.

WazirX, India’s biggest cryptocurrency exchange, said on Wednesday that it had disclosed its proof-of-reserves (PoR) and had a reserves-to-liabilities ratio of more than 1:1. Among the $286.10 million in reserves reported by WazirX. The Shiba Inu (SHIB) token is the largest at about $54 million.

WazirX, a cryptocurrency exchange, said in a tweet on January 11 that it has released its proof-of-reserves. Showing a total of $286.10 million in USDT in its wallet. The cryptocurrency exchange has published its wallet addresses, list of exchangers, and proof-of-reserves report in an effort to boost openness and confidence.

Shiba Inu Tops the List

Six trillion Shiba Inu (SHIB), 1,356.54 Bitcoin (BTC), 20,072.54 Ether (ETH), 303.32 million Dogecoin (DOGE), and 16.53 million MATIC are the top five reserves. Furthermore, the crypto exchange has 95.67 million of its native token WRX, which is worth almost $14 million.

WazirX has said, after the publication of its PoR report, that it has adequate reserves to cover the demands of the user in contingencies. In addition, the ratio of reserves to liabilities at the cryptocurrency exchange is more than one-to-one. WazirX has surpassed its rivals to become India’s most valuable cryptocurrency exchange.

WazirX had already promised to provide its proof-of-reserves. The report said that due to the government’s action on crypto tax and CBDC, trade volume plummeted from $43 billion in November 2021 to $10 billion in 2022.

The cryptocurrency exchange CoinDCX revealed its proof-of-reserves report in December 2022 revealing a total holding of $143.99 million. SHIB, MATIC, and DOGE were also found to be among the top 5 holdings in the report.

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