CoinSwitch, a major cryptocurrency trading platform in India, has released its proof of reserves to reassure customers that their assets are secure. The proof of reserves, which shows the total value of user assets held by the company as of January 6th 2023, reveals that CoinSwitch holds approximately $131.096 million or ₹1,083.45 crore in total. Of this amount, approximately $112.99 million or ₹933.83 crore is held on listed wallets, while the remaining assets, worth approximately $18.1 million or ₹149.62 crore, are held on exchanges.
This move by CoinSwitch comes at a time when the crypto industry has faced increased scrutiny and investors have become wary of exchange operations. By releasing its proof of reserves, CoinSwitch is demonstrating its commitment to transparency and customer security, allowing users to make informed decisions when trading cryptocurrencies on its platform.
You had questions. We’re here with answers on our proof of reserves, wallet addresses and more. Trust and transparency are of the highest importance for the crypto industry—now, more than ever before.— Ashish Singhal (@ashish343) January 6, 2023
Overall, these moves by CoinSwitch show a dedication to improving customer trust and providing a safe and secure platform for cryptocurrency trading. By releasing its proof of reserves and expanding into wealth tech, CoinSwitch is positioning itself as a leader in the industry and a destination that users can rely on.
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