Unocoin Demonstrates Commitment to Transparency and Security with Proof of Reserves Report
Unocoin, India’s first and most popular crypto trading exchange is pleased to announce the successful completion of its Proof of Reserves (PoR) verification process. This ground-breaking initiative solidifies Unocoin’s commitment to transparency, ensuring that user assets are securely managed and backed by verifiable evidence.
Proof of Reserves is a vital concept that assures users of the integrity and trustworthiness of cryptocurrency exchanges. It confirms that assets held in Unocoin’s blockchain-based hot and warm wallets, as well as its cold storage, are sufficient to cover all user assets at a 1:1 ratio. In simpler terms, Unocoin guarantees that every user’s balance exists in its crypto wallets and is fully covered.
By executing this PoR verification, Unocoin upholds its responsibility to safeguard user funds and provides an additional layer of assurance. The verification process was performed by an independent auditing firm, following Indian Standards for Related Services (SRS 4400) and International Standards (ISRS 4400). To ensure objective assessment, external technical expertise was engaged to verify the authenticity of Unocoin’s claims.
The audit firm meticulously reconciled Unocoin’s ledgers and records with the currency balances (INR) held at banks. They also obtained a comprehensive list of Crypto Custody service providers and wallet addresses, accessing them through web logins and public blockchain explorers. By comparing and documenting individual holdings of Unocoin’s virtual digital assets (VDAs) with customer holdings, the audit firm was able to provide conclusive findings.
The results of the PoR verification are as follows:
- The total value of Customer Holdings amounts to INR 1,83,67,91,329, including VDA worth approximately INR 1,76,04,24,094 based on coinmarketcap rates and INR holdings value of INR 7, 63, 67,235.
- Unocoin Holdings on behalf of customers exceed Unocoin’s Customer Holdings, ensuring full coverage.
- Each VDA held by Unocoin has a higher value than the corresponding customer’s held value of that particular VDA.
- Approximately 98.85% of the BTC that Unocoin holds on behalf of its customers is stored in cold storage.
- The total aggregated VDA in cold storage amounts to 93.78%.
To foster transparency, Unocoin has made the complete PoR report available to the public. You can access the report via this link [insert link]. We encourage users, stakeholders, and the wider community to review the report and gain a deeper understanding of Unocoin’s commitment to providing a secure and trustworthy platform.
Unocoin remains dedicated to maintaining the highest standards of security and transparency in the cryptocurrency industry. By undertaking this Proof of Reserves verification, Unocoin demonstrates its unwavering commitment to user asset protection and building trust within the digital asset ecosystem.
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About Unocoin:
Started in 2013, Unocoin is a Bangalore-based technology start-up and is India’s first entrant into the bitcoin industry. The company operates India’s most significant (in Indian customer base) BTC-INR trading platform, which enables Indians to buy, sell, store, use and accept bitcoin. At its peak, Unocoin processed transactions worth more than INR 2B per month for its 2.18m+ customers.
The start-up has been featured among the Top 20 companies in The Fintech20: India list and has won prestigious titles like ‘The Golden SABRE award’ in financial communications for the project, ‘Bit-by-Bit: Building Bitcoin in India’ and ‘TECH30’ award from YourStory. For more information, visit https://www.unocoin.com/in
