CoinDCX Releases PoR With Certificate From Legal Auditor
CoinDCX, an Indian-based crypto exchange, has released its PoR report following the recent tension in the crypto space. From the report, CoinDCX had a liability of 155 million USDT with total reserves of 157 million USDT as of December 15th.
CoinDCX Publishes PoR Report
According to CoinDCX, the report published on December 19th aims at increasing users’ trust in the platform. In addition to the report, CoinDCX also released an audited report from its auditor.
SGCO & Co. LLP, a statutory auditor, reportedly certified the report in line with the guidelines of the Institute of Chartered Accountants of India. As a result, the crypto exchange users can now view CoinDCX’s PoR report published in partnership with Coingabbar, a crypto research company.
Thus, giving the assurance that their funds are safe. The PoR is an off-chain and on-chain assets and liability balance. It also contains a list of wallet addresses holding the assets.
As part of CoinDCX’s plans to remain transparent, the company promised to keep posting its PoR report quarterly. Additionally, the crypto firm is working on a live dashboard that will display its liabilities and reserves in real-time.
Meanwhile, the CEO and Co-Founder of CoinDCX, Sumit Gupta, stated that the company is proud to release its PoR certificate issued by its statutory auditor. He added, “by providing our clients with this certificate, we hope to reassure them that the firm is operating in a safe manner.”
Additionally, the CEO noted that users’ sentiment level is low. Hence, he said the exchange must share info with users so they know their VDAs are safe.
According to Gupta, the company will continue to work transparently while building its platform on a foundation that centers on security, safety, and trust.
CoinDCX To Increase Its Staff To 1000
Meanwhile, as part of a pioneering initiative among Indian cryptocurrency exchanges, CoinDCX disclosed its off-chain and on-chain asset balances in cooperation with Nansen. In addition, the exchange also shared its R2L (reserves to liabilities) ratio for the top 10 assets in its portfolio.
In the wake of the unexpected closure of FTX, several cryptocurrency exchanges, including CoinSwitch and Binance, have published their proof of reserves to reassure consumers.
In April, the Indian-based crypto firm raised over $135 million in a Series D funding round. This fundraising increased the company’s valuation to about $2 billion.
Two major VC firms, Steadview and Pantera, led the funding round. Other major investors like Kindred, Republic, DraperDragon, and Kingsway also participated in the round.
CoinDCX’s past investors, such as Polychain, Cadenza, Coinbase, and B Capital Group, raised their stakes in the crypto firm during the fundraising.
CoinDCX has stated that it will continue to educate and inform Indian investors about cryptocurrencies and blockchain technology. In addition, CoinDCX announced plans to increase its staff to over 1,000 individuals before the year ends.
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