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Indian crypto exchange CoinSwitch’s proof of reserves summary, which was shared on Thursday, said that as of November 4, the exchange’s overall crypto and fiat holdings in Indian rupees (INR) exceeded those held by the exchange on behalf of its users.

See related article: Says User Funds Safe Despite ‘Accidental’ Ether Transaction

Fast facts

  • CoinSwitch engaged consulting firm INMACS, which began research in July 2022, CoinSwitch said in a press release.

  • For review, CoinSwitch provided INMACS with snapshots of detailed lists of crypto custody services, bank accounts, payment gateways used by CoinSwitch as well as counterparty relationships with crypto exchanges.

  • CoinSwitch, which said it has more than 18 million registered users, said the exchange did not use customers’ crypto and INR balance for lending or borrowing.

  • the sudden fall of FTX.comone of the largest cryptocurrency exchanges in the world, was a wake-up call for the digital asset industry and sparked a growing call from exchanges to show the importance of proof of reserves in restoring trust in the sector.

  • “There are several other ways to ensure the liquidity of a crypto platform, including proof of reserves. This report is our effort to affirm that our holdings are greater than what customers have purchased on CoinSwitch,” CoinSwitch co-founder Ashish Singhal said in a statement emailed to Forkast.

  • Changpeng Zhao, founder of the world’s largest crypto exchange, Binance, said earlier this week that Ethereum founder Vitalik Buterin is looking to develop a proof of reserves protocol and that Binance could be the “guinea pig” to serve as the first test case. Korbit, one of five fully licensed cryptocurrency exchanges in South Korea, announced that it will unveil its full list of crypto reserves on its website.

See related article: Tether to Publish Monthly USDT Reserves Report with New Auditor BDO Italia

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