One of the leading Indian crypto exchanges, CoinDCX, released its Proof-of-Reserves holding. Shiba Inu (Shib) has the third-largest allocation.
Sumit Gupta, the co-founder of CoinDCX, announced on Twitter that they released their Proof of Reserves in collaboration with Nansen, a portfolio tracker platform. Notable exchanges like Binance, Kucoin, OKX, Huobi, etc., have shared their Proof of Reserves to promote transparency post the FTX collapse.
The co-founder of the Indian crypto unicorn believes that Proof of Reserves is just one side of the picture. They are working on publishing the Reserve to Liability ratio regularly.
Indian Exchanges Release Proof of Reserves
Not just CoinDCX, another Indian crypto unicorn CoinSwitch Kuber published their Proof of Reserve (PoR) earlier. As per the report, the total CoinSwitch holdings are greater than the total users’ holdings. However, the CoinSwitch PoR faced backlash from the crypto community.
The crypto YouTuber Aditya Singh believes that the CoinSwitch PoR is worth laughing at. The community is disappointed because there were no wallet details to verify the PoR. Furthermore, the findings in PoR were taken before Nov. 4, that is, before the FTX collapse. Due to such reasons, the community found the CoinSwitch PoR deceiving.
Exchanges have Large Allocation to Shib
Crypto.com has allocated over 20% of its portfolio to Shiba Inu. It holds SHIB worth over $500 million. KuCoin holds over $40 million worth of Shib. The world’s leading exchange Binance holds Shib worth nearly $800 million. According to data from Etherscan, Binance is the second-largest holder of the Shiba Inu token. It holds nearly 8% of the token’s total supply. At the same time, Crypto.com is the third-largest holder.