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CoinSwitch Publishes Proof of Reserves Report Showing ₹613 Crore Surplus

According to the company, CoinSwitch holds ₹2,360 crore in reserves against ₹1,747 crore in customer holdings, indicating assets exceed customer balances.

Summary

CoinSwitch said it has published a proof of reserves report, a transparency disclosure used by crypto platforms to show assets held against customer liabilities. According to the company, it holds ₹2,360 crore in reserves compared with ₹1,747 crore in customer holdings, leaving a surplus of ₹613 crore.

Terms & Concepts
  • Proof of reserves: A transparency report that shows whether a crypto platform holds enough assets to cover customer balances.
  • Customer holdings: Assets attributed to users on a platform, representing the balances the company is expected to safeguard.
  • Reserves: Assets held by a platform to back customer funds and support withdrawal obligations.