CoinDCX publishes full proof of reserves with audit report

Crypto exchange CoinDCX has published its full proof of reserves (PoR) with an audit report to establish trust and transparency among users. PoR is an independent audit conducted by a third party on behalf of a crypto exchange to identify if the customer’s assets are missing from the reserves. As per the disclosure, CoinDCX held crypto assets worth $157,934,252 and its liabilities stood at $155,299,556 (as of December 15, 2022 6 PM). 

CoinDCX’s PoR is published on the crypto research firm Coingabbar’s platform. The balance has been certified by the statutory auditor, SGCO & Co. LLP, Chartered Accountants, as per the format prescribed by the Institute of Chartered Accountant of India, said CoinDCX in a statement. The PoR can be viewed here.

The PoR is available for public viewing and verification. It is an on- and off-chain asset and liability balance along with a list of wallet addresses. CoinDCX said that it would be posting the PoR on a quarterly basis. The company is also in the process of launching a live dashboard displaying real-time reserves and liabilities.

“With this certificate we would like to reassure our users that your exchange is in a healthy condition,” Sumit Gupta, Co-Founder and CEO, CoinDCX said. He further added, “While the current user sentiment is low key, it's important to share maximum information to users about the safety of their VDAs (Virtual Digital Assets). At CoinDCX, we are committed to staying transparent and it will be our endeavour to build a strong foundation which stands on the pillars of trust, safety, and security for all”.

In November, CoinDCX had shared its reserves to liability (R2L) ratio for top ten assets and its on-chain and off-chain asset balances on Singapore-based blockchain analytics platform Nansen. The company had then reported $129.7 million worth of total assets (as of November 24).