BusinessWire India
Mumbai (Maharashtra) [India], June 12: WazirX, India's largest cryptocurrency exchange by volume, published its Proof of Reserves for June 2024 today, fostering transparency and user confidence in the virtual digital assets (VDA) ecosystem. As an industry leader facilitating transactions across over 350 cryptocurrencies and 700 market pairs, WazirX recognizes the importance of accountability and maintaining the highest standards of security for its users' assets.
As of June 10, 2024, at 6:30 PM, WazirX's total holdings stood at an impressive Rs 4,203.88 Crores (USDT 503.64 Million), marking a staggering 79 per cent surge compared to the data shared in January 2023. For two years running, WazirX has proudly held the position of the largest exchange by reserves, underscoring its status as a reliable and solvent platform for crypto enthusiasts.
Leveraging the expertise of Coin Gabbar, a renowned platform dedicated to tracking crypto assets, WazirX has made its real-time proof of reserves publicly accessible. Coin Gabbar has enabled a DIY module on its website, allowing users to verify wallet addresses for their preferred cryptocurrencies. Users can access all the information regarding the wallet addresses of their selected crypto by visiting https://www.coingabbar.com/en/proof-of-reserve/Wazirx. The list of all wallets will be visible as soon as the user clicks on the (+) sign placed on the left-hand side of the Crypto name.
Commenting on the development, Rajagopal Menon, VP, WazirX, said, "At WazirX, we believe that trust is the bedrock upon which the crypto revolution will be built. Our comprehensive Proof of Reserves statement showcases our unwavering commitment to these values. By providing our users with this proof of reserves report, we aim to empower them with the assurance and security they rightfully deserve."
WazirX maintains a reserve-to-liabilities ratio exceeding 1:1, a testament to its financial strength and ability to meet withdrawal demands seamlessly, even in unforeseen circumstances. As a registered entity with the Financial Intelligence Unit (FIU), WazirX adheres to stringent compliance standards, ensuring the safety and security of its users' funds.
With this Proof of Reserves release, WazirX reaffirms its position as a trusted and reliable platform for crypto enthusiasts in India.
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