India-based cryptocurrency exchange WazirX has joined the exchanges that share Proof of Reserve (PoR), which publicly displays wallet addresses and the amount of digital assets it holds. Accordingly, the largest asset in exchange wallets is the Shiba Inu. In a blog post published by the company, it was stated that the purpose of the proof-of-reserve report is to “promote full transparency in India’s crypto ecosystem.” The exchange partnered with Coin Gabbar, a third-party crypto asset tracking platform, for reserve verification.
A breakdown of the exchange’s reserves by Coin Gabbar shows that over 19 percent of WazirX’s crypto holdings are in Shiba Inu. According to the shares, the platform has approximately 6.09 trillion SHIB tokens with a valuation of over $54 million. WazirX’s next three biggest assets are Bitcoin (8.32 percent), Ethereum (9.36 percent) and Dogecoin 8.17 percent. The exchange announced that it has a total of 301 different cryptocurrencies.
In particular, it was noteworthy that the reserves were in Tether, although WazirX announced last year that it would delist several major stablecoins, including Tether, and convert them to Binance USD (BUSD).
Meanwhile, about $257.5 million of total user assets are held in Binance wallets and $26.45 million in other exchanges. “By making our wallet addresses, exchange listing and independent PoR report publicly available, we hope to give our users the trust they deserve,” said Rajagopal Menon, vice president of WazirX. said.