Crypto exchange CoinSwitch publishes third edition of proof of reserves

Crypto exchange platform CoinSwitch on Thursday announced its third edition of proof of reserves (PoR) data, stating that the company’s overall holdings of crypto and Indian currency balances were higher than those of its customers.

The equivalent value of CoinSwitch’s holdings in crypto stands at Rs 3,497.22 crore, whereas the holdings of its users in the same basket stand at Rs 2,774.10 crore, it said.

PoR is the ‘proof’ that a financial entity has the holdings it claims to have. A PoR audit is published by crypto firms to inform customers that a custodian or a crypto platform is adequately liquid, and users can withdraw their funds at any time. It provides transparency on the user’s and crypto exchange’s holdings.