CoinDCX publishes May 2024 Proof of Reserve report, total holdings valued at Rs 3,507.95 crore

CoinDCX has released its Proof of Reserve (PoR) report for May 2024, highlighting a total asset holding value of Rs 3,507.95 crores as of May 17, 2024. This public report reaffirms the exchange's commitment to transparency and consumer protection, following the industry-wide focus on security and trust after the FTX collapse.

In December 2022, CoinDCX published a comprehensive PoR report, showcasing both on-chain and off-chain asset balances. The exchange continues to provide complete transparency by releasing a publicly accessible list of wallet addresses, enabling users to independently verify the backing of their holdings.

"At CoinDCX, we are committed to simplifying the world of digital assets and maintaining the highest standards of security and compliance," said Sumit Gupta, Co-founder at CoinDCX. "Our commitment to transparency is reflected in the regular release of our PoR reports, like this one for May 2024. For every order placed, CoinDCX holds corresponding crypto assets in secure vaults, both on-chain and off-chain, ensuring a 1:1 asset backing for user holdings."

However, CoinDCX goes beyond the standard PoR approach, recognising that it only shows one side of the financial picture. To provide a comprehensive view of financial health, the exchange has introduced the "Reserves to Liabilities (R2L) Ratio," which measures the ratio of total assets (on and off-chain) against total liabilities and contingencies. This comprehensive approach aims to provide users with a more complete understanding of CoinDCX's financial position.