In continuation of its efforts to make its proof of reserves public, CoinDCX today, further strengthened the trust and transparency amongst its users by publishing its full proof of reserves with an audited report. The report furnishes both sides of its reserve balance i.e. assets and liabilities and has been published in partnership with Coingabbar a crypto research firm. Further, the balance has been duly certified by the statutory auditor, SGCO &Co. LLP, Chartered Accountants as per the format prescribed by the Institute of Chartered Accountant of India.
The PoR is an on-chain and off-chain asset & liability balance along with a complete list of wallet addresses. CoinDCX’s PoR is now available for public viewing and verification with the click of a button.
In its commitment to remain completely transparent with user funds, CoinDCX intends to post its PoR on a quarterly basis and is in the process of launching a live dashboard to show its reserves and liabilities in real-time.
Sumit Gupta, Co-Founder and CEO, CoinDCX said, “In our pursuit towards complete transparency, we are proud to publish a certificate issued by our statutory auditor towards our Proof of Reserve and user liability. With this certificate we would like to reassure our users that your exchange is in a healthy condition”. He further added that, “While the current user sentiment is low key it's important to share maximum information to users about the safety of their VDA’s. At CoinDCX, we are committed to staying transparent and it will be our endeavor to build a strong foundation which stands on the pillars of trust, safety, security for all”.
In a pioneering effort amongst Indian crypto exchanges, CoinDCX on November 24, 2022, shared its on-chain and off-chain asset balances in partnership with Nansen as well as shared its reserves to liability (R2L) ratio for top 10 assets.
For CoinDCX, a self-regulated exchange, user protection is utmost important. In the coming future CoinDCX will work towards newer updates on transparency and will continue sharing information with its users.
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