WazirX, one of India’s largest cryptocurrency exchanges, announced a significant move towards transparency by sharing detailed information about its users’ wallet balances.
In a blog post, earlier today on 17th October, the company revealed that it will file an affidavit with the High Court of Singapore, disclosing approximately 240,000 wallets with balances, as part of the ongoing restructuring of Zettai Pte Ltd.
WazirX Revealing 240,000 Wallet Details
The decision to release this data stems from WazirX’s commitment to transparency. According to the blog post, many might have expected a smaller number of wallets, but the exchange clarified that handling hundreds of thousands of wallets is standard for a platform of its size.
WazirX has over 4.3 million users with crypto balances, necessitating the management of a large network of wallet addresses across multiple blockchains.
The deposit addresses for users’ cryptocurrency deposits are included in these wallet addresses. Token holdings from these addresses are periodically swept by WazirX into cold, warm, or hot wallets for trading and operational needs.
The message clarified that while the remaining deposit addresses are still being swept, some 240,000 wallets have funds in them. WazirX is prioritising efficiency and cost management while taking a progressive approach to prevent high network expenses.
Why Did WazirX Take this Step?
Additionally, WazirX stressed that this transparency initiative is about more than just following court mandates. The exchange hopes to promote better trust and accountability by giving users a detailed look at the scope of its operations.
After the sweeping and consolidating procedure is finished, the company also stated that Proof of Reserves (POR), which would enable customers to confirm the exchange’s holdings, will be implemented.
The blog post closed by highlighting WazirX’s commitment to establishing a durable alliance with its community by emphasising security, trust, and transparency. This action fits into WazirX’s larger goal of becoming among the cryptocurrency industry’s most transparent and trustworthy exchanges.