WazirX publishes $285M Proof of Reserves, top held asset is Shiba Inu

Indian crypto exchange WazirX today published its Proof of Reserves (PoR), making its wallet addresses, list of exchanges and independent PoR report public.

A PoR is an audit document that can be easily verifiable. It makes the reserves of a centralised exchange public, which anyone outside of the exchange can scrutinise.

As per its PoR report, WazirX holds $285.08 million worth of crypto assets, out of which $258.68 million is held on exchanges, while the rest is held on decentralised protocols.

“By making our wallet addresses, list of exchanges, and independent Proof of Reserves report available to the public, we hope to provide our users with the trust and security they deserve," said Rajagopal Menon, Vice President, WazirX.

According to the information shared by the company, the top five crypto assets held by WazirX are Shiba Inu (SHIB) at 19.13%, Ethereum (ETH) at 9.38%, Bitcoin (BTC) at 8.29%, Dogecoin (DOGE) at 8.19% and Polygon (MATIC) at 4.97%.

The exchange also claimed its reserves-to-liabilities ratio remains more than 1:1, implying sufficient liquidity for users in the event of a withdrawal.

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Shiba Inu more popular than Bitcoin for first-time crypto buyers on WazirX

WazirX's PoR report comes a few days after Coinbase-backed CoinSwitch, another leading Indian crypto platform, published its own PoR. CoinSwitch revealed it held total crypto assets worth $131.09 million at the time of writing.

The Andreessen Horowitz (a16z)-backed firm claimed 85% of its crypto assets (worth $112.99 million) are held on custodial wallets while 15% (worth $18.1 million) are held on exchanges.

CoinDCX, another leading Indian exchange, published its PoR in November 2022, which showed it held over $129 million in crypto assets at the time of writing.

Given the recent scepticism around centralised exchanges after the fall of FTX, publishing PoR reports has become a trend among crypto exchanges—both domestic and global.

With PoR reports, Indian crypto exchanges hope to be seen as transparent, safe, secure, and trustworthy. To them, this is going to be critical for onboarding crypto users when the next bull run comes knocking.

(The story has been edited to update the company description)