India’s WazirX Releases Proof-of-Reserves With Over 1:1 Liability Ratio
Indian crypto exchange giant WazirX released a proof-of-reserves (PoR) report expressing its reserves-to-liability ratio of over 1:1 alongside.
WazirX made its wallet addresses and list of exchanges available to the public, 90% of user funds of WazirX are in Binance wallets as per a proof-of-reserve report.
WazirX has $283 million of total user assets in the form of stablecoin USDT.
WazirX highlighted that the platform is not only India's largest crypto exchange by volume but is also the largest in terms of reserves. 90% of user assets are held in wallets at Binance despite a very public spat between the CEOs of two crypto exchanges Changpeng Zhao and Nischal Shetty over WazirX ownership.
The remaining user assets balance of 10% is stored in hot and cold wallets this adds to approx $257.25 million and $26.59 million.
The wallet used by the platform is multi-sig with multiple private keys required to perform certain tasks thereby making it difficult to get compromised.
Several crypto exchanges have rushed to publish PoR reports in a seeming attempt to reassure clients their funds are safe after FTX's meltdown.
Rajagopal Menon WazirX's vice president expresses:
"We are committed to building India's top crypto exchange responsibly and securely and full transparency is a key part of that commitment by making our wallet addresses list of exchanges and independent Proof-of-Reserves report available to the public we hope to provide our users with the trust and security they deserve."
WazirX trading volume fell sharply by 76% in the 12 months in December, and the crypto exchange ranked in more than 7X growth in its scale in the fiscal year ending March 2022.
WazirX's operating revenue in FY22 was recovered to be at $108.4 million increasing by over 632% from $14.8 million the previous fiscal year. WazirX's largest source of revenue was commissioned which originated from trading. this accounted for 94% of the collections which surged to $101.9 million in FY22 from $14.25 million in FY21.