Indian Crypto Exchange CoinDCX Releases Proof of Reserve

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  • Bitcoin, Ethereum, Shiba Inu, Matic, and ADA tokens are among its most valued assets.
  • CoinDCX will work with CoinMarketCap to launch the latter’s new proof-of-reserves tracker.

Coinbase-backed cryptocurrency exchange CoinDCX collaborated with Nansen to provide proof-of-reserves on November 24. This coincided with a rise in the need for exchanges to disclose their business practices among crypto investors worldwide.

The information offers an overview of CoinDCX’s overall financial position. Including its token and protocol distribution, asset value, and profit and loss. Bitcoin, Ethereum, Shiba Inu, Matic, and ADA tokens are among its most valued assets right now.

Live Tracker on CoinMarketCap

In addition, CoinDCX founder Sumit Gupta announced in an official statement that the company will be working with CoinMarketCap to launch the latter’s new proof-of-reserves tracker.

While talking about proof-of-reserves, Sumit further stated that,

“While this is a major step for us as a company, I also believe this is just one part of the picture. There needs to be an equal visibility of liability to ensure a healthy Reserves to Liability (R2L) ratio.”

When asked about the future stages of the exchange. Sumit mentioned developing a proprietary mechanism to choose which currencies should be listed. The company’s proof of liability is only one example of several metrics that will be more widely reported and more easily accessible according to the steps included in the company’s roadmap.

OKEx, Gate, Kraken, Huobi, and Crypto.com are just a few of the leading cryptocurrency exchanges that have already released their proof-of-reserves.

In 2020, Gate.io was the first major cryptocurrency exchange to publicly submit to a third-party audit of its holdings. This flurry of reserve disclosure follows comments by CZ, CEO of Binance, on the practice of employing fractional reserves, akin to those of conventional banks, by cryptocurrency exchanges.

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