Crypto exchange CoinDCX issues proof-of-reserve

CoinDCX, one of the leading Indian crypto exchanges, released its Proof-of-Reserve holding. The Shiba Inu (Shib) has the third largest allocation.

Sumit Gupta, co-founder of CoinDCX announced Twitter that they issued their Proof of Reserves in collaboration with Nansen, a portfolio tracker platform. Notable exchanges such as Binance, Kucoin, OKX, Huobi, etc. have shared proof of their reserves to promote transparency following the FTX collapse.

Co-Founder Of Indian Crypto Unicorn Believes Proof Of Reserve Is Justified one side of the picture, They are working on publishing Reserve to Liability Ratio regularly.

Indian exchanges issue proof of reserve

Not just CoinDCX, another Indian crypto unicorn CoinSwitch Kuber had earlier published its Proof of Reserves (PoR). According to the report, the total Coinswitch holdings exceed the total users’ holdings. However, the CoinSwitch PoR faced backlash from the crypto community.

Crypto YouTuber Aditya Singh believes that That CoinSwitch Por is laughable. community is disappoint Because there was no wallet details to verify the PoR. Furthermore, the findings in POR were taken before November 4th, ie before the FTX collapse. For such reasons, the community found Coinswitch PoR Cheat,

Exchanges have a large allocation to SHib

CoinDCX’s portfolio of over $131 million is comprised of 13% bitcoin, nearly 12% ethereum, and over 10% shib. Shib, valued at over $14 million, is the third largest holding in the portfolio.

CoinDCX Portfolio on Nansen
Source: Nansen, CoinDCX Portfolio has allocated more than 20% of its portfolio to Shiba Inu. It has SHIBs worth over $500 million. KuCoin has a ShiB of over $40 million. The world’s leading exchange Binance has ShiB worth around $800 million. According to data from Etherscan, Binance is the second largest holder of the Shiba Inu token. This is approximately 8% of the total supply of the token. At the same time, is the third largest holder.

shiba inu holding purse
Source: etherscan

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