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Coinbase-Backed Exchange Announces Its Reserves

Emphasizing transparency after the FTX collapse, Binance CEO CZ, the world’s largest cryptocurrency exchange, announced Bitcoin and some cryptocurrencies in the hands of Binance. Other crypto exchanges followed CZ’s move, and they also announced their reserves. Finally, India’s largest crypto exchange CoinDCX, supported by the largest US crypto exchange Coinbase, also announced its reserves through Nansen.

Looking at the reserves of CoinDCX, it was seen that there are popular cryptocurrencies such as Ethereum (ETH), Shiba Inu (SHIB), Polygon (MATIC) and Cardano (ADA) apart from Bitcoin (BTC). Sharing on his Twitter account, CoinDCX founder Sumit Gupta said:

“I’ve said this a few times in the last few days and saying it again – we want to do everything to ensure users that at CoinDCX, their funds are completely safe.”

“So, as promised, we are sharing our Proof of Reserves publicly. Our on-chain and off-chain assets with a complete list of wallet addresses is now open to everyone and can be verified with a click of a button.”

Stating that they may cooperate with CoinMarketCap on the disclosure of reserves in the near future, Gupta said that the next step for the stock market is to establish a system for which cryptocurrencies should be included in the list. As it will be remembered, OKX, Kraken, Huobi, Crypto. Famous crypto exchanges such as .com have also announced their proof of reserve.

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