The Reserves total $159,112,287 while the User Liability stands at $157,191,487
Bangalore, November 4, 2023: CoinDCX, India’s leading and most valued Virtual Digital Asset (VDA), is proud to release its Proof of Reserves (PoR) Report as on October 9, 2023. According to the audited Statement of Reserves and User Liability report, the Reserves total $159,112,287, while the User Liability stands at $157,191,487. CoinDCX has an order placement system that ensures that assets bought by the users are 1:1 placed under vaults on/off-chain, especially warm/cold wallets. This ensures that for every order placed by users, CoinDCX actually buys or holds crypto assets.
Audited by SGCO & Co. LLP Chartered Accountants
Sumit Gupta, Co-founder at CoinDCX said, “We are proud to present our third consecutive quarterly PoR report. At CoinDCX, we’ve always believed in simplifying the world of digital assets and maintaining the highest standards of security and compliance. As we persist in fortifying our exchange with pioneering features, our topmost priority remains the protection and well-being of our valued customers”.
The snapshot below confirms that, in aggregate, CoinDCX does not take leverage or create any fractional reserves against any user funds. We operate as an exchange in its true sense.
<Asset breakdown screenshot from:
https://www.coingabbar.com/en/proof-of-reserve/coindcx>
PoR involves the engagement of third-party auditors to verify an exchange’s asset holdings and align them with customer balances. CoinDCX made significant strides in this regard, being one of the first VDA exchange to introduce PoR reports, with the initial publication in 2022 and subsequent quarterly updates. The quarterly PoR report enhances user confidence by providing comprehensive visibility into assets and liabilities.
About CoinDCX
Established in 2018, CoinDCX is the preferred crypto exchange in India, but also an instrumental player in building the broader Web3 ecosystem. Trusted by over 1.4 crore registered users. CoinDCX’s mission is simple: to provide easy access to Web3 experiences and democratize investments in virtual digital assets.
CoinDCX prioritize user safety and security, strictly adhering to KYC and AML guidelines. With commitment to quality, CoinDCX employ a stringent 7M Framework for the listing of crypto projects, ensuring users access only the safest virtual digital assets. CoinDCX recently achieved the distinction of becoming the first VDA exchange in India to obtain ISO 27001:2022 certification.
CoinDCX has partnered with Okto for India to launch a secure multi-chain DeFi app that offers a keyless, self-custody wallet . It aims to simplify the world of decentralized finance (DeFi) by providing a secure, user-friendly, and innovative solution for managing virtual digital assets.
CoinDCX Ventures, invested in over 15 innovative Web3 projects, reinforcing our dedication to the Web3 ecosystem. CoinDCX flagship educational initiative, #NamasteWeb3, empowers Indians with web3 knowledge, preparing them for the future of virtual digital assets.
CoinDCX’s vision and potential have gained the confidence of global investors, including Pantera, Steadview Capital, Kingsway, Polychain Capital, B Capital Group, Bain Capital Ventures, Cadenza, Draper Dragon, Republic, Kindred, and Coinbase Ventures.
CoinDCX is leading India towards the decentralized future of Web3 with an unwavering commitment to safety, simplicity, and education.
