WazirX Releases Proof Of Reserve Report, Shiba Inu Ranks As Largest Holding
WazirX, India’s top crypto exchange, makes public its proof of reserve holdings, with Shiba ranking as the largest asset holding in the firm.
Proof Of Reserve Report Release To Improve Transparency
WazirX, India’s top crypto exchange, released its proof of reserve snapshot containing all of its holdings on January 11th. According to this report, the Shiba Inu token ranking as the most held crypto asset in the firm.
The total reserve of the exchange is over $280 million, and the Shiba Inu token accounts for approximately 15% of the exchange holdings, with a value of over $50 million.
WazirX announced in a tweet that it officially released its proof of reserve report on January 11th, accounting for the exchange’s total holdings of $280 million in stablecoin, USDT.
In a stead to improve transparency between the firm and the community it made public the snapshots of the holdings and also publicized the asset wallet addresses for investors to verify.
In this tweet, they stated that the security of users’ funds in the exchange is of the utmost importance. This is why they made all needed information about the firm’s holdings public.
According to reports, WazirX currently holds more than $280 million in crypto assets, with approximately $250 million in the exchange and the remainder in the block chain.
Shiba Inu, with a holding of over 6 trillion, Bitcoin, with over 1000 holdings, 20,000 plus Ethereum tokens, Dogecoin, and Matic are the most held assets in the exchange.
The native token of the exchange accounts for over 14 million in the exchange.
Financial Status Of WazirX Exchange
Following the release of this report, the exchange assured users that it had enough funds to withstand any market condition or unforeseen circumstance in the future.
WazirX has climbed the ranks to become India’s largest cryptocurrency exchange.
However, some losses in the exchange were recorded. WazirX reported that their trading volume fell by about 60% in 2022 during the bear market season.
Last year, another exchange, CoinDCX, released its reserve report, with Shiba Inu also accounting for the most held asset in the reserve. This demonstrated that India has a strong bullish sentiment toward the Shiba Inu token.
Shiba Inu token has gained 2% in the last 24 hours.
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