Disclaimer: The opinions expressed by our writers are their own and do not represent the views of U.Today. The financial and market information provided on U.Today is intended for informational purposes only. U.Today is not liable for any financial losses incurred while trading cryptocurrencies. Conduct your own research by contacting financial experts before making any investment decisions. We believe that all content is accurate as of the date of publication, but certain offers mentioned may no longer be available.
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.
(2/4)
— WazirX: India Ka Bitcoin Exchange (@WazirXIndia) January 11, 2023
We provided @coin_gabbar, a platform that tracks crypto assets, with the necessary information and details required to publish the report.
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.
Vladislav Sopov