India's Wazirx publishes evidence of over 1: 1

India's Wazirx publishes evidence of over 1: 1

The Indian crypto exchange Wazirx published its proof-of-reserves (POR) report, in which its ratio of reserves and liabilities of over 1: 1 was disclosed. In addition to the paper, which was published by Coingabar, a third-party platform that has been published by Crypto-Assets, Wazirx also provided his wallet addresses and the list of public exchanges.

At the time of printing, the Indian company had total user assets of over $ 283 million in the form of StableCoin USDT.

Evidence of the reserves

Wazirx emphasized in a explanation that the platform is not only of India's largest crypto exchange according to volume, but also the largest in relation to the reserves. According to the report, 90 % of the user assets in Wallets are kept at Binance, despite a very public dispute between the CEOs of the two crypto exchanges-CZ and NISCHAL Shetty-about the possession of Wazirx.

In the meantime, the remaining user supplement of 10% is saved in hot and warm walls. This adds up to almost $ 257.25 million or $ 26.59 million

The wallets used by the platform are multi-sig with several private keys that are necessary to carry out certain tasks, which makes it difficult to compromise.

In the past two months, several crypto exchanges have hurried to publish POR reports, in an apparent attempt to assure customers that their funds are safe after the collapse of FTX. Wazirx is the latest that jumps on the trend. In the event of a liquidation, the company assured the customer that it has sufficient means "up to the last minute" to enable payments in the event of liquidation.

The Vice President of Wazirx, Rajagopal Menon, commented on the report as follows:

"We have committed to build India's best crypto exchange responsibly and safely, and full transparency is an essential part of this obligation. By providing our wallet addresses, the list of stock exchanges and the independent proof-of-reserve report to the public, we hope to give our users the trust and security they earn."

wazirxs fy’22

With the falling market, the Wazirx trading volume decreased by 76 % in the 12 months to December. However, the crypto exchange recorded a more than 7-fold growth of its size in the financial year, which ended in March 2022, of which most of which is due to the 2021 bull market cycle.

The operating income in financial year 22 was recorded at $ 108.4 million, which corresponds to an increase of over 632 % compared to $ 14.8 million in the previous financial year. The largest source of income from Wazirx was commissions that came from the trade. This was made up of 94 % of the collections that climbed $ 21 to $ 101.9 million in financial year in financial year.

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