Crypto

CoinSwitch says it has a surplus of users’ crypto assets worth Rs 1,083 cr- QHN

4 min read2,383 Comments on CoinSwitch says it has a surplus of users’ crypto assets worth Rs 1,083 cr- QHN


Cryptocurrency exchange CoinSwitch on Friday revealed that it currently holds about Rs 1,083.45 crore of its users’ assets and has enough reserves to meet withdrawals made by them even in “turbulent” times.

The firm, backed by the world’s leading investors such as Andreesen Horowitz (a16z), Tiger Global, and Sequoia Capital, released its proof of reserves report in a bid to bring more transparency to its users. The report, by financial auditor INMACS, states that the company held more assets than its users’ holdings on its platform and that it did not borrow or reinvest against any of its users’ crypto assets.

According to the report, CoinSwitch has 7.21 times more cash holdings in rupees, compared to that held by its users on its platform. In the case of Bitcoins (BTCs), CoinSwitch holds 1.71 BTCs for every bitcoin held by its users. For another popular cryptocurrency, Ethereum, this ratio stands at 1:1.03, the report says.

Eighty five per cent of the crypto assets owned by CoinSwitch users are held in its custodial wallets while the remaining 15 per cent are held on other exchanges such as CoinDCX, WazirX, Binance, and CoinSwitchX. The report is based on an audit of holdings and balances conducted on November 4. The company on Friday shared the addresses of its major wallets, allowing users to verify its claims.

As of January 6, 2023, the company held about Rs 933.83 crore worth of assets in these wallets. At the time of evaluation, it accounted for 86.2 per cent of all user assets in its custody. The remaining assets, worth Rs 149.62 crore, are held on different exchanges such as CoinDCX, WazirX, and Binance.

“Since we have made our wallet addresses public, users or researchers may use any of the publicly available blockchain explorers to independently verify the holdings in these wallets. We believe this is a more open and flexible approach to validating the holdings,” the company said while sharing the report.

Global cryptocurrency exchanges have witnessed a big slump after investors pulled out billions of dollars from crypto markets. The collapse of the world’s second-largest crypto exchange FTX, its native token FTT, and the sister trading firm Alameda Research triggered users to pull out massive amounts from crypto-linked assets. CoinSwitch said it did not have any exposure to FTX.

“We initiated the review even before the FTX crisis. We voluntarily started this exercise in July 2022 as part of our trust and safety practices sometime after the crypto market crash in mid-2022 and the collapse of Vauld. Now that we have published our wallet addresses, our current crypto holdings can be validated by anyone on-chain,” CoinSwitch said.

According to the news website Bitcoin.com, Bitcoin, Ethereum, and stablecoin owners removed roughly $19.19 billion in crypto assets from centralised exchanges in just 50 days of FTX’s collapse on November 5. Nearly 356,848 bitcoins and 4.48 million Ethereum units have been withdrawn from crypto trading platforms worldwide ever since.

The drop in user trust after the FTX crash has worsened the situation for Indian crypto firms, prompting them to bring in new measures of transparency. CoinSwitch’s competitor CoinDCX, another leading Indian exchange published its proof of reserves report in November, while WazirX may soon publish its own report.

CoinSwitch recently diversified its solutions by add seven new offerings, including fixed deposits, bonds, exchange-traded funds (ETFs), stocks, and mutual funds amid rising headwinds in the crypto market.

“The past year has been turbulent—for the markets and the world in general. However, I believe that bear markets are the best time to slow down, think things through and build. And that’s what we at CoinSwitch did in 2022: We hunkered down and built. I’m excited to bring these products to you in 2023,” said Ashish Singhal, Co-founder and CEO, CoinSwitch.

Note:- (Not all news on the site expresses the point of view of the site, but we transmit this news automatically and translate it through programmatic technology on the site and not from a human editor. The content is auto-generated from a syndicated feed.))

Tagged In

Related Posts

2,383 Comments

  160. women's perfumessays:

    My brother recommended I might like this web site. He used to be totally right. This publish actually made my day. You can not imagine simply how much time I had spent for this information! Thank you!

  505. HermanSkekssays:

    trusted online pharmacy Ireland [url=https://irishpharmafinder.shop/#]discount pharmacies in Ireland[/url] online pharmacy ireland

  509. HermanSkekssays:

    Safe Meds Guide [url=https://safemedsguide.shop/#]online pharmacy[/url] compare online pharmacy prices

  514. HermanSkekssays:

    top rated online pharmacies [url=https://safemedsguide.shop/#]best online pharmacy[/url] online pharmacy reviews and ratings

  518. HermanSkekssays:

    compare online pharmacy prices [url=https://safemedsguide.shop/#]promo codes for online drugstores[/url] compare online pharmacy prices

  522. HermanSkekssays:

    top rated online pharmacies [url=https://safemedsguide.com/#]trusted online pharmacy USA[/url] best online pharmacy

  527. HermanSkekssays:

    trusted online pharmacy Ireland [url=http://irishpharmafinder.com/#]pharmacy delivery Ireland[/url] online pharmacy

  530. HermanSkekssays:

    legitimate pharmacy sites UK [url=http://ukmedsguide.com/#]online pharmacy[/url] UK online pharmacies list

  535. HermanSkekssays:

    buy medications online safely [url=https://safemedsguide.shop/#]trusted online pharmacy USA[/url] promo codes for online drugstores

  538. HermanSkekssays:

    Irish Pharma Finder [url=https://irishpharmafinder.com/#]pharmacy delivery Ireland[/url] buy medicine online legally Ireland

  671. situs slotsays:

    I have not checked in here for some time since I thought it was getting boring, but the last few posts are great quality so I guess I’ll add you back to my everyday bloglist. You deserve it my friend 🙂

  913. mpo500says:

    Hi there would you mind sharing which blog platform you’re using? I’m looking to start my own blog soon but I’m having a hard time making a decision between BlogEngine/Wordpress/B2evolution and Drupal. The reason I ask is because your design and style seems different then most blogs and I’m looking for something unique. P.S Apologies for getting off-topic but I had to ask!

  1030. bandar slotsays:

    Incredible! This blog looks exactly like my old one! It’s on a entirely different topic but it has pretty much the same page layout and design. Excellent choice of colors!

  1186. LloydMowsays:

    п»їTo be honest, I found a useful article concerning buying affordable antibiotics. It explains the safety protocols on prescriptions. In case you need cheaper alternatives, read this: п»їhttps://polkcity.us.com/# online pharmacy. Good info.

  1187. LloydMowsays:

    To save big on pills, you should try reading this report. The site explains trusted Mexican pharmacies. Huge savings at this link: п»їhttps://polkcity.us.com/# pharmacy mexico.

  1188. LloydMowsays:

    п»їRecently, I stumbled upon a great resource about safe pharmacy shipping. It explains how to save money for ED medication. If you are looking for affordable options, take a look: п»їUpstate Medical. It helped me.

  1189. Richardhobsays:

    Does anyone know safe Mexican pharmacies. I discovered a good site that compares trusted vendors: п»їhttps://polkcity.us.com/# mexico city pharmacy. Looks legit.

  1190. Mushroom productssays:

    I am very happy to read this. This is the kind of manual that needs to be given and not the random misinformation that’s at the other blogs. Appreciate your sharing this greatest doc.

  1191. RalphEpiffsays:

    п»їRecently, I discovered a great guide about cheap Indian generics. The site discusses CDSCO regulations when buying antibiotics. If you are looking for factory prices, go here: п»їkisawyer.us.com. Good info.

  1193. LloydMowsays:

    п»їTo be honest, I discovered a useful page regarding generic pills availability. It explains the safety protocols on prescriptions. In case you need Trusted pharmacy sources, take a look: п»їhttps://polkcity.us.com/# online pharmacies. Good info.

  1194. Richardhobsays:

    To save money on prescriptions, you should try checking this archive. It reveals shipping costs. Huge savings available here: п»їhttps://polkcity.us.com/# pharma mexicana.

  1195. LloydMowsays:

    п»їRecently, I stumbled upon an interesting page about safe pharmacy shipping. It covers how to save money for generic meds. If you are looking for Trusted pharmacy sources, read this: п»їhttps://polkcity.us.com/# mexican pharmacy las vegas. Worth a read.

  1196. LloydMowsays:

    п»їRecently, I discovered a great page about buying affordable antibiotics. The site discusses how to save money when buying antibiotics. If anyone wants Trusted pharmacy sources, take a look: п»їwebsite. Worth a read.

  1197. RalphEpiffsays:

    п»їRecently, I found an informative page concerning ordering meds from India. It explains CDSCO regulations for generic meds. For those interested in cheaper alternatives, take a look: п»їhttps://kisawyer.us.com/# top online pharmacy india. Hope it helps.

  1198. LloydMowsays:

    For those looking to save big on pills, I suggest visiting this archive. The site explains shipping costs. Good deals available here: п»їhttps://polkcity.us.com/# tijuana pharmacy online.

  1202. Danielvepsays:

    п»їTo be honest, I stumbled upon a great guide about ordering meds from India. It covers how to save money on prescriptions. If you are looking for Trusted Indian sources, read this: п»їhttps://kisawyer.us.com/# reputable indian pharmacies. Cheers.

  1204. LloydMowsays:

    FYI, a detailed overview on buying meds safely. It explains the best shipping methods for generics. Full info: п»їhttps://polkcity.us.com/# mexican pharmacy.

  1205. RalphEpiffsays:

    п»їActually, I discovered a helpful article concerning buying affordable antibiotics. It explains WHO-GMP protocols for generic meds. If you are looking for factory prices, check this out: п»їonline pharmacy india. Hope it helps.

  1207. LloydMowsays:

    Quick question about getting antibiotics without prescription. I discovered a decent post that lists affordable options: п»їhttps://polkcity.us.com/# mexico drug store. Seems useful..

  1208. Anthonystyncsays:

    п»їTo be honest, I needed Ciprofloxacin fast and stumbled upon this amazing site. You can order meds no script safely. If you have a toothache, I recommend this site. Express delivery to USA. More info: buy antibiotics no script. Hope you feel better.

  1210. HomerNetsays:

    Lately, I had to find Stromectol pills and stumbled upon a great pharmacy. They sell generic Stromectol delivered fast. For treating scabies quickly, this is the best place: human grade ivermectin. Fast delivery

  1212. Anthonystyncsays:

    п»їJust now, I had to find Doxycycline urgently and found Antibiotics Express. They let you get treatment fast safely. If you have a toothache, this is the best place. Express delivery available. Check it out: https://antibioticsexpress.com/#. Hope you feel better.

  1213. Raymondclurbsays:

    To be honest, I wanted to buy Ivermectin pills and found a great pharmacy. They provide genuine Ivermectin delivered fast. For treating infections safely, highly recommended: human grade ivermectin. Safe and secure

  1216. Stephenhibsays:

    To be honest, I wanted to buy Stromectol pills and stumbled upon a great pharmacy. You can get human grade meds no script needed. For treating infections quickly, check this out: ivermectin tablets 6mg. Hope it helps

  1218. Anthonystyncsays:

    п»їActually, I was looking for antibiotics fast and found this amazing site. They let you order meds no script securely. In case of UTI, try here. Discreet packaging guaranteed. Link: this site. Hope you feel better.

  1222. Stephenhibsays:

    п»їRecently, I was looking for Doxycycline urgently and stumbled upon a great source. It allows you to purchase generics online safely. In case of strep throat, try here. Express delivery available. Visit here: check availability. Hope you feel better.

  1223. Raymondclurbsays:

    Actually, I wanted to get Amoxicillin for a toothache and stumbled upon Amoxicillin Express. They provide antibiotics without prescription with express shipping. If you are in pain, visit this link: AmoxicillinExpress Store. Cheers.

  1224. Raymondclurbsays:

    Hi! Check out a great online drugstore to order generics fast. The site provides huge discounts on health products. To save money, check it out: pharmacy online. Hope this helps.

  1225. Raymondclurbsays:

    Lately, I had to find Stromectol tablets and came across this source. They provide 3mg, 6mg & 12mg tablets no script needed. If you need to treat scabies effectively, visit this link: view details. Cheers

  1228. VincentTickysays:

    Pin Up Casino ölkəmizdə ən populyar platformadır. Saytda minlərlə oyun və Aviator var. Pulu kartınıza tez köçürürlər. Mobil tətbiqi də var, telefondan oynamaq çox rahatdır. Giriş linki https://pinupaz.jp.net/# rəsmi sayt baxın.

  1229. EarnestLetsays:

    Bocoran slot gacor malam ini: mainkan Gate of Olympus atau Mahjong Ways di Bonaslot. Situs ini gampang menang dan resmi. Promo menarik menanti anda. Kunjungi: п»їklik disini dan menangkan.

  1230. ErnestgoopYsays:

    Merhaba arkadaşlar, ödeme yapan casino siteleri bulmak istiyorsanız, bu siteye kesinlikle göz atın. Lisanslı firmaları ve fırsatları sizin için inceledik. Güvenli oyun için doğru adres: https://cassiteleri.us.org/# kaçak bahis siteleri bol şanslar.

  1231. VincentTickysays:

    Salam dostlar, siz də keyfiyyətli kazino axtarırsınızsa, məsləhətdir ki, Pin Up saytını yoxlayasınız. Yüksək əmsallar və sürətli ödənişlər burada mövcuddur. Qeydiyyatdan keçin və bonus qazanın. Oynamaq üçün link: https://pinupaz.jp.net/# Pin Up online uğurlar hər kəsə!

  1232. ErnestgoopYsays:

    Info slot gacor hari ini: mainkan Gate of Olympus atau Mahjong Ways di Bonaslot. Situs ini gampang menang dan resmi. Promo menarik menanti anda. Akses link: п»їsitus slot resmi raih kemanangan.

  1233. Shaunscietsays:

    Pin-Up AZ ölkəmizdə ən populyar platformadır. Burada çoxlu slotlar və canlı dilerlər var. Qazancı kartınıza anında köçürürlər. Mobil tətbiqi də var, telefondan oynamaq çox rahatdır. Rəsmi sayt Pin Up giriş tövsiyə edirəm.

  1234. VincentTickysays:

    Info slot gacor hari ini: mainkan Gate of Olympus atau Mahjong Ways di Bonaslot. Website ini anti rungkad dan aman. Promo menarik menanti anda. Akses link: п»їhttps://bonaslotind.us.com/# slot gacor dan menangkan.

  1235. Shaunscietsays:

    Pin-Up AZ Azərbaycanda ən populyar kazino saytıdır. Burada çoxlu slotlar və canlı dilerlər var. Qazancı kartınıza anında köçürürlər. Mobil tətbiqi də var, telefondan oynamaq çox rahatdır. Giriş linki https://pinupaz.jp.net/# Pin Up rəsmi sayt yoxlayın.

  1236. VincentTickysays:

    п»їHalo Bosku, lagi nyari situs slot yang hoki? Coba main di Bonaslot. RTP Live tertinggi hari ini dan terbukti membayar. Deposit bisa pakai OVO tanpa potongan. Login disini: п»їBonaslot login salam jackpot.

  1237. Davidoriltsays:

    Hi guys, I just discovered a trusted website for affordable pills. If you want to save money and want affordable prescriptions, Pharm Mex is the best option. No prescription needed and it is safe. Check it out: https://pharm.mex.com/#. Best wishes.

  1238. CarrolVepsays:

    Hello everyone, Just now discovered a trusted Mexican pharmacy to buy medication. If you want to save money and want generic drugs, this store is worth checking out. They ship to USA plus it is safe. Visit here: visit website. Stay healthy.

  1239. Lakia Gonazlezsays:

    Good – I should certainly pronounce, impressed with your site. I had no trouble navigating through all tabs and related info ended up being truly simple to do to access. I recently found what I hoped for before you know it at all. Reasonably unusual. Is likely to appreciate it for those who add forums or anything, website theme . a tones way for your client to communicate. Nice task.

  1240. Davidoriltsays:

    Hello everyone, I recently came across a great website for cheap meds. If you are tired of high prices and need generic drugs, this site is worth checking out. Fast shipping and it is safe. Visit here: click here. Cheers.

  1241. Jamesmawsays:

    Hello everyone, I recently found an awesome website to save on Rx. If you want to save money and want cheap antibiotics, this store is a game changer. Great prices and secure. Visit here: buy meds from mexico. Stay healthy.

  1242. Davidoriltsays:

    Hey there, Just now found an awesome online source to save on Rx. If you want to save money and need meds from Mexico, this store is a game changer. No prescription needed plus very reliable. Take a look: mexican pharmacy online. Cya.

  1243. Jamesmawsays:

    Hello everyone, I just came across a trusted online source to save on Rx. If you want to save money and want generic drugs, Pharm Mex is the best option. Fast shipping and secure. Link is here: click here. Have a good one.

  1245. CarrolVepsays:

    Hey guys, I just stumbled upon a great online drugstore to save on Rx. If you want to buy ED meds at factory prices, IndiaPharm is worth checking. They offer fast shipping worldwide. More info here: IndiaPharm. Hope it helps.

  1247. Davidoriltsays:

    Hello, I recently stumbled upon a useful online drugstore for cheap meds. If you need cheap antibiotics without prescription, this store is very reliable. They offer lowest prices guaranteed. Take a look: check availability. Hope it helps.

  1248. Arthurtomsays:

    Greetings, I recently came across a useful website to buy generics. If you need medicines from India safely, this store is the best place. It has fast shipping worldwide. Visit here: India Pharm Store. Cheers.

  1249. RicardoFuhsays:

    Dostlar selam, bu populer site uyeleri ad?na k?sa bir paylas?m yapmak istiyorum. Herkesin bildigi uzere site giris linkini erisim k?s?tlamas? nedeniyle tekrar degistirdi. Giris problemi varsa cozum burada. Yeni siteye erisim baglant?s? art?k asag?dad?r Casibom Guvenilir mi Bu link ile direkt siteye baglanabilirsiniz. Ek olarak yeni uyelere verilen hosgeldin bonusu kampanyalar?n? da inceleyin. En iyi slot deneyimi icin Casibom dogru adres. Herkese bol kazanclar dilerim.

  1251. Davidkapsays:

    Bahis severler selam, Casibom sitesi oyuncuları için kısa bir duyuru paylaşıyorum. Bildiğiniz gibi bahis platformu giriş linkini BTK engeli yüzünden sürekli taşıdı. Erişim hatası varsa link aşağıda. Son siteye erişim adresi şu an paylaşıyorum https://casibom.mex.com/# Paylaştığım bağlantı üzerinden vpn kullanmadan hesabınıza erişebilirsiniz. Ayrıca kayıt olanlara sunulan hoşgeldin bonusu kampanyalarını da inceleyin. En iyi bahis deneyimi sürdürmek için Casibom tercih edebilirsiniz. Tüm forum üyelerine bol kazançlar dilerim.

  1253. GeorgeLarsays:

    Arkadaslar selam, Vay Casino oyuncular? ad?na onemli bir duyuru yapmak istiyorum. Bildiginiz gibi site giris linkini yine degistirdi. Giris hatas? yas?yorsan?z endise etmeyin. Son Vaycasino giris linki su an burada: https://vaycasino.us.com/# Paylast?g?m baglant? uzerinden direkt hesab?n?za erisebilirsiniz. Lisansl? bahis deneyimi surdurmek icin Vaycasino dogru adres. Tum forum uyelerine bol kazanclar temenni ederim.

  1254. RicardoFuhsays:

    Herkese selam, Vay Casino kullan?c?lar? ad?na onemli bir bilgilendirme paylas?yorum. Bildiginiz gibi platform adresini tekrar guncelledi. Erisim hatas? varsa panik yapmay?n. Son Vay Casino giris linki su an asag?dad?r: https://vaycasino.us.com/# Paylast?g?m baglant? uzerinden direkt hesab?n?za erisebilirsiniz. Guvenilir casino deneyimi icin Vaycasino tercih edebilirsiniz. Herkese bol sans dilerim.

  1256. Timothyproxysays:

    Herkese selam, bu site kullanıcıları için kısa bir bilgilendirme yapmak istiyorum. Bildiğiniz gibi site adresini tekrar değiştirdi. Giriş hatası varsa panik yapmayın. Son Vaycasino giriş linki artık aşağıdadır: Vaycasino 2026 Bu link ile doğrudan hesabınıza erişebilirsiniz. Güvenilir casino keyfi için Vaycasino tercih edebilirsiniz. Herkese bol kazançlar temenni ederim.

  1257. GeorgeLarsays:

    Arkadaslar selam, bu site oyuncular? icin onemli bir duyuru yapmak istiyorum. Malum site giris linkini tekrar guncelledi. Erisim hatas? varsa endise etmeyin. Cal?san Vay Casino giris linki su an asag?dad?r: Buraya T?kla Bu link uzerinden dogrudan siteye girebilirsiniz. Guvenilir bahis keyfi surdurmek icin Vay Casino dogru adres. Herkese bol kazanclar temenni ederim.

  1259. Davidkapsays:

    Dostlar selam, Vay Casino kullanıcıları için kısa bir bilgilendirme yapmak istiyorum. Malum site giriş linkini tekrar güncelledi. Giriş hatası varsa panik yapmayın. Son siteye erişim linki şu an burada: Vaycasino Güncel Paylaştığım bağlantı üzerinden vpn kullanmadan hesabınıza erişebilirsiniz. Güvenilir bahis keyfi sürdürmek için Vay Casino doğru adres. Tüm forum üyelerine bol kazançlar dilerim.

  1261. GeorgeLarsays:

    Herkese merhaba, Casibom kullan?c?lar? icin onemli bir paylas?m yapmak istiyorum. Bildiginiz gibi Casibom domain adresini BTK engeli yuzunden surekli tas?d?. Erisim problemi cekenler icin dogru yerdesiniz. Son siteye erisim baglant?s? art?k paylas?yorum Casibom Mobil Bu link uzerinden vpn kullanmadan hesab?n?za girebilirsiniz. Ek olarak yeni uyelere verilen yat?r?m bonusu f?rsatlar?n? da kac?rmay?n. En iyi casino deneyimi icin Casibom dogru adres. Tum forum uyelerine bol sans dilerim.

  1263. KevinToksays:

    Chao anh em, ngu?i anh em nao c?n nha cai uy tin d? g? g?c N? Hu thi vao ngay trang nay nhe. Dang co khuy?n mai: Dola789. Hup l?c d?y nha.

  1264. LouisDiothsays:

    Chào anh em, bác nào muốn tìm chỗ nạp rút nhanh để gỡ gạc Đá Gà thì vào ngay con hàng này. Đang có khuyến mãi: sun win. Chúc anh em may mắn.

  1266. LouisDiothsays:

    Hi các bác, người anh em nào cần sân chơi đẳng cấp để giải trí Casino thì tham khảo chỗ này. Uy tín luôn: Nhà cái BJ88. Chiến thắng nhé.

  1268. KevinToksays:

    Chao c? nha, bac nao mu?n tim nha cai uy tin d? gi?i tri N? Hu thi tham kh?o con hang nay. Dang co khuy?n mai: bj88. V? b? thanh cong.

  1270. LouisDiothsays:

    Chào cả nhà, người anh em nào cần nhà cái uy tín để cày cuốc Tài Xỉu thì xem thử con hàng này. Tốc độ bàn thờ: Dola789. Húp lộc đầy nhà.

  1271. KevinToksays:

    Chao anh em, ngu?i anh em nao c?n trang choi xanh chin d? g? g?c Game bai thi tham kh?o ch? nay. Dang co khuy?n mai: sunwin. Chuc cac bac r?c r?.

  1289. Davidbracksays:

    Hi guys, if you need a reliable online pharmacy to buy prescription drugs securely. Take a look at this pharmacy: allopurinol. Selling high quality drugs with fast shipping. Cheers.

Leave a Reply

Your email address will not be published. Required fields are marked *