WazirX, a prominent cryptocurrency exchange, has released its latest Proof of Reserves (PoR) report, revealing significant details about its asset management strategy.
The report based on a post on X, based on a snapshot taken on October 24, 2024, shows that the exchange currently maintains $157 million worth of cryptocurrency in its on-chain wallets.
Additionally, the exchange has disclosed that $126.91 million worth of user crypto assets have been transferred to third-party exchanges, demonstrating a diversified custody approach to asset management.
Transparency Initiatives and Trust Building
In a significant move toward enhanced transparency, WazirX has implemented a dual-dashboard system for Proof of Reserves verification.
This innovative approach as revealed by WazirX post on X, includes both an internal PoR dashboard and a partnership with CoinGabbar, a respected third-party platform, for dynamic PoR tracking.
This makes WazirX the first Indian cryptocurrency exchange to offer such a comprehensive dual verification system, setting new industry standards for transparency and accountability in the crypto sector.
Strategic Restructuring and Security Measures
The exchange has announced plans for a major platform restructuring, with a particular focus on enhancing security measures. A key component of this initiative involves the onboarding of new custodians, with a specific emphasis on finding custody providers that offer insurance coverage for stored funds.Â
This insurance-focused approach aims to minimize potential losses even in worst-case scenarios, demonstrating WazirX’s commitment to protecting user assets in the evolving cryptocurrency landscape.
Future Developments and Implementation
WazirX’s immediate roadmap includes the imminent launch of a dynamic Proof of Reserves dashboard in collaboration with CoinGabbar. This platform will provide real-time updates of asset reserves, allowing users to continuously verify wallet addresses and review asset balances.
The exchange has committed to maintaining open communication with users regarding the implementation of new custodians and any significant platform changes, ensuring stakeholders remain informed throughout the restructuring process.