Ah, CoinSwitch. The largest cryptocurrency platform in India. So large, in fact, it now has over 2 crore users. And what better way to remind everyone of their stellar transparency than by publishing the 5th edition of their Proof of Reserves? Because, as we all know, crypto transparency is *always* at the top of everyone’s list of things to trust.
CoinSwitch is, of course, building trust… one mind-blowing report at a time.
Here are the key insights from the latest Proof of Reserves (PoR)—a real leap forward in transparency, if you will, for user confidence. Oh, and by the way, here’s the full report too –
— CoinSwitch: India’s Simplest Crypto App 🚀 (@CoinSwitch) May 8, 2025
Now, let’s not get too carried away with excitement—this report has been verified by an independent chartered accountancy firm. Very official. This firm followed standards set by the Institute of Chartered Accountants of India (SRS 4400), which sounds like something that might actually matter. The audit examined two CoinSwitch companies: Bitcipher Labs LLP and Nextgendev Solutions Private Limited, as they checked their crypto and INR holdings on March 31, 2025.
And here’s the juicy bit:
- Customer Holdings (Crypto + INR): ₹2,138.64 crore
- CoinSwitch Holdings (Crypto + INR): ₹2,764.20 crore
To put it in the simplest terms—CoinSwitch has exactly what it takes to cover every withdrawal 1:1 in crypto and INR. But wait—there’s more! They even have some extra stashed away. Because why not?
The “extra” holdings are, of course, from CoinSwitch’s own assets, which are totally separate from user funds. Just in case you were wondering.
Oh, and before we forget: there’s a delightful 10% increase in customer holdings, all thanks to market conditions and a nice little rise in prices. For example, Bitcoin (BTC)—remember that?—was worth ₹57 lakh on October 22, 2024. Fast forward to now, and it’s climbing toward ₹80 lakh. Talk about timing!
Let’s break it down further in crypto terms:
- Customer Crypto Holdings: ₹2,043.15 crore
- CoinSwitch Crypto Holdings: ₹2,576.54 crore
Why Does This Even Matter?
In the cutthroat world of crypto, trust is like a unicorn—rare, magical, and hard to find. But fear not! CoinSwitch is all about pushing that transparency narrative, making sure users can verify the findings for themselves. They’ve even updated the list of their major crypto wallet addresses, with the freshest details as of May 6, 2025. Because who doesn’t love a good wallet update?
As an added bonus, CoinSwitch makes sure that over 95% of its crypto is safely locked up in their own custodial wallets and CoinSwitchX—their very own exchange. The remaining 5%? Just a little something on partner exchanges to make the trading experience that much smoother for users. It’s almost like they’re trying to make crypto *enjoyable*.
So, with this fifth edition of the Proof of Reserves, CoinSwitch continues its mission to keep user funds safe and, of course, to maintain the trust of their ever-expanding community. A noble cause, indeed!
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2025-05-08 17:10