CoinSwitch, India’s largest crypto platform with over 2 crore users, continues its commitment to transparency and trust-building by publishing the third edition of its Proof of Reserves (POR). Achieved through an independent review and on-chain validation, the review verifies the company’s overall holdings of Crypto and INR balances (Indian Rupees) is higher than those of its customers.
The INR equivalent value of the total holdings of CoinSwitch, including crypto and INR balance, is INR 3,497.22 crore, and user holdings, including crypto and INR, with CoinSwitch stands at INR 2,774.10 crore. According to the proof of reserves, CoinSwitch maintains a holdings ratio of 1:1 or more (A ratio of 1:1 or higher means the platform holds users’ crypto and INR balances, allowing users to redeem or withdraw them at any time). The assets held by PeepalCo, the parent brand of CoinSwitch, are in addition to these funds, and are not included in this POR assessment.
“Trust is the foundation of every successful business relationship. At CoinSwitch, we understand that earning and keeping the trust of our users is paramount. Our third Proof of Reserves demonstrates our commitment to transparency and accountability — giving our customers full confidence that their assets are safe and secure with us,” said Balaji Srihari, Business Head, CoinSwitch.
The review was carried out as per the standards prescribed by the Institute of Chartered Accountants of India (SRS 4400) on March 31, 2024, which is the closing day of the financial year.
The POR assessment verifies:
- CoinSwitch maintains a ratio of 1:1 against total customer holdings, including crypto and INR. The total Customer Holdings, including crypto and INR balance, is Rs 2,774.10 crore, while CoinSwitch total holdings, including crypto and INR balance, is Rs 3,497.22 crore.
- CoinSwitch maintains a ratio of 1:1 against customer holdings of Virtual Digital Assets (VDA or crypto). The total customer crypto holdings amount to Rs 2,609.12 crore, while CoinSwitch’s total crypto holdings stand at Rs 3,045.45 crore.
Further, with the public crypto wallet addresses, users can use blockchain explorers to get a real-time view of CoinSwitch’s crypto holdings. CoinSwitch employs industry-grade solutions to safely and securely hold users’ cryptos.
