WazirX publishes proof of reserves of assets worth $285M WazirX publishes proof of reserves of assets worth $285M
WazirX currently holds about 6.09 trillion SHIBA INU worth $54.6 million, 1,356 BTC worth $23.6 million, and 20,056 ETH worth $26.6 million.
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Updated: Jan. 11, 2023 at 4:29 pm UTC
Cover art/illustration via CryptoSlate. Image includes combined content which may include AI-generated content.
Indian-based crypto exchange WazirX has published its Proof-of-Reserves (PoR) report, which shows it holds about $285 million worth of crypto assets.
In the wake of the FTX collapse, several crypto exchanges, including Binance, Kraken, and OKX have moved to increase their transparency by publishing their proof-of-reserve reports.
In the same light, the WazirX exchange announced Jan. 11 that it had published its reserve report via Coingabbar.
Coingabbar data has the total crypto holdings on WazirX at about $285.7 million, with about 4,229 assets listed for trading.
WazirX currently holds about 6.09 trillion SHIB tokens worth approximately $54.6 million, which accounts for 19.13% of total holdings. Additionally, it holds about 1,356 Bitcoin worth about $23.6 million and 20,056 Ethereum valued at $26.6 million.
WazirX noted that about 90% of users’ assets (worth $259.15 million) are held in wallets at Binance, while the remaining 10% ($26.54 million)are stored in hot and warm wallets.
WazirX noted that it has sufficient reserve funds to meet users’ withdrawal demands at any time, as it has more than 1:1 reserve holdings of users’ assets.
The exchange added:
Based on the nature of our business, this ratio is an implied phenomenon as we do not leverage our users’ assets nor propagate margin trading, lending, futures, and options trading.”
WazirX Vice President Rajagopal Menon said that by publishing its Proof of Reserve, the exchange intends to reassure the users that their funds are fully secured.
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Author 
Christian Nwobodo
Christian is a crypto-curious nerd who loves to investigate how protocols work under the hood. Christian is interested in DeFi protocol research, token economics, and on-chain analytics.
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Bitcoin, a decentralized currency that defies the sway of central banks or administrators, transacts electronically, circumventing intermediaries via a peer-to-peer network.
Ethereum
$3,481.86
Ethereum is a decentralized, open-source blockchain platform that enables the creation of smart contracts and decentralized applications (DApps).
SHIBA INU
$0.00002
Shiba Inu (SHIB) is a decentralized meme token that aims to be the Ethereum-based counterpart to Dogecoin’s Srypt-based mining algorithm. According to SHIBA INU, the reasoning behind the creation of SHIBA is that Shibas constantly forget where they bury their treasure.
WazirX
WazirX is an India-based cryptocurrency exchange with an advanced trading interface and features to Buy, Sell & Trade cryptocurrencies.