Indian crypto exchange WazirX has released its Proof of Reserves (POR), showing a reserves-to-liability ratio of over 1:1. In a blog post, it made known its wallet addresses, list of exchanges and an independent Proof of Reserves report.
We provided @coin_gabbar, a platform that tracks crypto assets, with the necessary information and details required to publish the report.
— WazirX: India Ka Bitcoin Exchange (@WazirXIndia) January 11, 2023
WazirX is India’s largest crypto exchange by volume and, as of now, by reserves. In total, it has reserves worth $286 million.
WazirX reserves feature a significant quantity of Shiba Inu, making up 19.07% of the exchange’s holdings. A total of 6.09 trillion SHIB tokens valued at $54.56 million sit in WazirX’s reserve, which is the largest holding by the crypto exchange.
This is followed by Ethereum and Bitcoin, which make up 8.28% and 9.38%, respectively, of the exchange’s reserves.
It holds 1,356 BTC valued at $23.69 million and 20,057 ETH valued at $26.6 million. Dogecoin makes up 8.18% of the exchange reserves, with 303.31 million coins held. The amount of 30.03 million XRP also comprises 3.82% of the exchange’s reserves.
In the wake of the FTX collapse following a significant liquidity crisis, several crypto exchanges published their proof of reserves (POR) in a bid to promote transparency.
Shiba Inu continues to gain popularity on the WazirX trading platform.
In its end-of-year report, WazirX indicated that 27% of first-time crypto buyers on the platform bought Shiba Inu, while men between the ages of 26 and 40 traded 50% of all SHIB tokens “moved” on the platform. Also, Shiba Inu was among the top tokens traded on the crypto exchange.
SHIB ranks as the 16th largest cryptocurrency, with a market cap of $4.9 billion, according to data from CoinMarketCap, and currently trades at $0.000009.