WazirX, an Indian cryptocurrency exchange announce Proof of Reserves on Jan. 11 stated: “We are not only the largest crypto exchange in India by volume. It is also the largest crypto exchange in India by reserves.”
WazirX uses Coin Gabbar, a third-party crypto asset tracking platform, to display Proof of Reserves. According to WazirX, approximately $285 million of total user assets are held in Tether, and 90% of user assets on WazirX are held by WazirX. stored in wallet Binance-based, with the remaining 10% being held in both hot and cold wallets, representing approximately $256.5 million and $28.5 million respectively.
The exchange said it chose Binance because of its “industry-leading protocols and technical measures” used to protect users’ funds on the platform. It also guarantees users a ratio of more than 1:1 to protect their funds in the event of liquidation.
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