CoinDCX Releases May 2024 Proof of Reserve Report

CoinDCX's May 2024 Proof of Reserve report shows total holdings of Rs 3,507.95 crore.

  • CoinDCX’s May 2024 Proof of Reserve report shows total holdings of Rs 3,507.95 crore.
  • The report includes on-chain and off-chain asset balances, ensuring full transparency.
  • CoinDCX introduces the “Reserves to Liabilities (R2L) Ratio” for a comprehensive view of financial health.

CoinDCX has released its Proof of Reserve (PoR) report for May 2024, revealing a total asset holding value of Rs 3,507.95 crore as of May 17, 2024. This report highlights the exchange’s commitment to transparency and consumer protection, a critical focus following the FTX collapse.

In addition to disclosing both on-chain and off-chain asset balances, CoinDCX provides a publicly accessible list of wallet addresses. This allows users to independently verify the backing of their holdings, reaffirming the exchange’s dedication to security and trust.

CoinDCX Co-founder Sumit Gupta stated, “We are committed to maintaining the highest standards of security and compliance. Our regular PoR reports, including this one for May 2024, ensure that every order placed is backed 1:1 by corresponding crypto assets in secure vaults.”

Beyond the standard PoR, CoinDCX has introduced the “Reserves to Liabilities (R2L) Ratio,” which compares total assets (both on and off-chain) to total liabilities and contingencies. This approach aims to give users a more complete understanding of CoinDCX’s financial health.