BlockchainCryptocurrencyCryptocurrency FundIndiaNewsTether (USDT)

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.”

📰 Also read:  Bitcoin Flips Silver to Become Eighth-Biggest Asset by Market Cap

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.

📰 Also read:  Price Analysis October 31st, 2024 - BTC, BNB, ETH, SOL, XRP, and DOGE

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.


Tokenhell produces content exposure for over 5,000 crypto companies and you can be one of them too! Contact at info@tokenhell.com if you have any questions. Cryptocurrencies are highly volatile, conduct your own research before making any investment decisions. Some of the posts on this website are guest posts or paid posts that are not written by Tokenhell authors (namely Crypto Cable , Sponsored Articles and Press Release content) and the views expressed in these types of posts do not reflect the views of this website. Tokenhell is not responsible for the content, accuracy, quality, advertising, products or any other content or banners (ad space) posted on the site. Read full terms and conditions / disclaimer.

📰 Also read:  Dogecoin ETF Approval Could Trigger Surge—Is $1 Now Possible?

Bradley Nelson

Bradley Nelson is a US based cryptocurrency news writer for Tokenhell, he helps readers stay up to date with the latest trends and news from the blockchain and crypto world. Bradley has been a crypto enthusiast since 2018.

Leave a Reply

Your email address will not be published. Required fields are marked *

Back to top button
Close
Skip to content