Bangalore, 23 October 2024: CoinSwitch, India’s largest crypto platform with over 2 crore users, continues its commitment to transparency and trust-building by publishing the fourth edition of its Proof of Reserves (POR). This is also the second time the company has published its POR in the same year.

Achieved through an independent review and on-chain validation, the review verifies the company’s overall holdings of Crypto and INR balances (Indian Rupees) are higher than those of its users.

The INR equivalent value of the total holdings of CoinSwitch, including crypto and INR balance, is INR 2514.91 crore. User holdings, including crypto and INR, with CoinSwitch, stands at INR 1952.81 crore. According to the proof of reserves, CoinSwitch maintains a holdings ratio of 1:1 or more (A ratio of 1:1 or higher means the platform holds as much or more than users’ crypto and INR balances, allowing users to redeem or withdraw them at any time).

The assets held by PeepalCo, CoinSwitch’s parent brand, are in addition to these funds and are not included in this POR assessment.

“Given what has happened in the Indian crypto industry recently, we need to be more transparent and accountable to our users. At CoinSwitch, safeguarding our users’ funds is not just a responsibility—it’s the core of everything we do. We understand the trust our users place in us when they invest and trade on our platform, and we take that trust seriously,” said Balaji Srihari, Business Head, CoinSwitch.

The review was carried out as per the standards prescribed by the Institute of Chartered Accountants of India (SRS 4400) on September 30, 2024.

The POR assessment verifies:

• CoinSwitch maintains a ratio of 1:1 against total user holdings, including crypto and INR. The total user’s holdings, including crypto and INR balance, is INR 1952.81 crore, while CoinSwitch’s total holdings, including crypto and INR balance, is INR 2514.91 crore.
• CoinSwitch maintains a ratio of 1:1 against user holdings of Virtual Digital Assets (VDA or crypto). The total user crypto holdings amount to INR 1880.84 crore, while CoinSwitch’s total crypto holdings stand at INR 2245.91 crore.

Further, with the public crypto wallet addresses disclosed by CoinSwitch, users can use blockchain explorers to get a real-time view of CoinSwitch crypto holdings. CoinSwitch employs industry-grade solutions to safely and securely hold users’ cryptos.