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Transparency – The currency of trust at CoinDCX

CoinDCX publishes Proof of Reserves Report with Nansen

Last week we published a blog and hosted an open house with Sumit where we highlighted our robust risk management and consumer protection policies.

Ever since FTX’s unfortunate turn of events, transparency and consumer protection has taken precedence over everything. The crypto ecosystem is still small but growing faster than any other industry out there. At CoinDCX, we prioritize transparency and proper risk management and believe this is the key to the ecosystem’s mainstream adoption. While the Indian crypto industry is undergoing regulatory clarity, we are focussed on self compliance and follow stringent security measures that are in the best interests of our users and the community at large. 

Over the past few days,  the CoinDCX team has been in war rooms, keeping an eye on community sentiments, talking to industry experts- all of this to make transparency whole. Regarding Proof of Reserves, here is what Sumit had to say:

With that being said, we have decided to take the first step towards sharing Proof of reserves by publishing our on-chain and off-chain assets with a complete list of wallet addresses in partnership with Nansen enables us to make our wallet addresses and on-chain balances public for anyone to verify with a click of a button. 

They’re leaders in this space and have published on-chain balances & wallet addresses for a number of notable exchanges like Binance, OKX, Kucoin, Huobi, Bybit and many others.

CoinDCX on-chain balances & wallet addresses in partnership with Nansen: 

Here’s the dashboard where you can view CoinDCX’s Proof of Reserves –

What’s in the Nansen dashboard?

Net worth – It is the market value of all crypto assets held on behalf of the users and of CoinDCX on-chain or with third parties.

Chain Allocation – Chain allocation is the total percentage of market value of all crypto assets belonging to different chains or with different third parties.

Token Allocation – Token allocation is the percentage of market value of the crypto assets allocated token-wise.

Claimables – Claimables are rewards on chain for ex – airdrops, etc that can be claimed.

However, like Sumit has said before, POR is just one part of the picture. There needs to be an equal visibility of liability to ensure a healthy Reserves to Liability (R2L) ratio. We are working with reputed audit firms to certify our financial health and will publish this shortly, stay tuned. In addition, our POR data will be available online, and we plan to post monthly updates on our R2L ratio, to give our customers complete confidence in the health of our business and the safety of their investments.

We continue to support the Indian crypto industry in a responsible manner, be self compliant and aim to keep our customers informed and protected. 

*Disclaimer: Assets/Net Worth shown is the value of the token holdings in the wallet addresses provided by the exchanges, on blockchains that Nansen support. It is not meant to be an exhaustive, complete or comprehensive statement of the actual assets or reserves held by the exchange on behalf of its users or customers.

*Please note that the dashboard might take upto 30 seconds to load the entire data.

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