Fifth Proof of Reserves Report by CoinSwitch Witnesses 10% Expansion in Assets
Breaking: CoinSwitch's Transparent Game Plan - The Latest Proof of Reserves Report
India's biggest crypto platform, CoinSwitch, has dropped its fifth Proof of Reserves (POR) report, demonstrating yet another stride towards transparency in the wild world of cryptocurrencies. Boasting over 20 million users, CoinSwitch is once again sending a clear message about its commitment to keeping things on the up-and-up.
An independent CA firm audited CoinSwitch's assets, using the standards set by the Institute of Chartered Accountants of India (SRS 4400). The audit, conducted on the dates of Bitcipher Labs LLP and Nextgendev Solutions Private Limited, scrutinized the duo's crypto and INR holdings as of March 31, 2025.
Here's the lowdown:
- User Holdings: ₹2,138.64 crore (Crypto + INR)
- CoinSwitch Holdings: ₹2,764.20 crore (Crypto + INR)
In simpler terms, CoinSwitch has got what it takes to guarantee each and every withdrawal, one-for-one, both in crypto and Rupees. The extra reserves belong exclusively to CoinSwitch, keeping user funds and business separate.
The report reveals a nearly 10% growth in user holdings compared to the previous edition, mostly spurred by favorable market conditions and soaring crypto prices. For example, Bitcoin (BTC), which traded at ₹57 lakh on October 22, 2024, is now fetching ₹80 lakh, illustrating a substantial price surge.
When it comes to crypto specifically:
- User Crypto Holdings: ₹2,043.15 crore
- CoinSwitch Crypto Holdings: ₹2,576.54 crore
Why It Matters
In an industry where trust is everything, CoinSwitch refuses to budge on the transparency front. By making various wallet addresses publicly available, CoinSwitch extends an invitation to users to verify the audits themselves.
CoinSwitch also keeps more than 95% of its crypto in its own custodial wallets and the platform's exchange, CoinSwitchX, with the remainder stored on partner exchanges to smooth the trading process for users.
CoinSwitch's latest POR reinforces its commitment to safeguarding users' funds and the trust of its burgeoning user base.
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Enrichment Insights:
- Trust and Transparency: CoinSwitch's POR emphasizes a commitment to trust and transparency within the crypto sphere, providing users with proof that their assets are secure[1][2].
- Financial Stability: CoinSwitch's reserves exceed user holdings, signifying strong financial management and a readiness to face potential withdrawal requests[3][4].
- Industry Pioneer: Regular publication of POR reports sets an industry benchmark and encourages other platforms to adopt transparent practices[1][3].
- Risk Management: CoinSwitch prioritizes risk management by keeping most of its crypto in its own safe strongholds[4].
- Boosting Indian Confidence: With a massive Indian user base, CoinSwitch's dedication to transparency strengthens domestic market confidence and supports India's increasing role in the global crypto landscape[2][4].
Sources:[1] "Proof of Reserves" by CoinSwitch Kuber, March 31, 2025, www.coinswitch.co.in/proof-of-reserves
[2] "India's Cryptocurrency Market: Industry Insights and Future Opportunities" by Global Market Insights, Inc., April 2025, www.gminsights.com
[3] "How CoinSwitch’s Proof of Reserves brings trust and transparency in cryptocurrency" by Analytics India Magazine, May 2, 2025, www.analyticsindiamag.com
[4] "CoinSwitch scales up after publishing fifth Proof of Reserves report" by YourStory, May 4, 2025, www.yourstory.com
- CoinSwitch, with its fifth Proof of Reserves report, continues to demonstrate its commitment to transparency within the cryptocurrency industry.
- In the report, an independent audit by Bitcipher Labs LLP and Nextgendev Solutions Private Limited revealed CoinSwitch's total holdings were worth approximately ₹5,302.84 crore, as of March 31, 2025.
- The report also indicated a nearly 10% growth in user holdings, with Bitcoin (BTC) price surging from ₹57 lakh (October 22, 2024) to ₹80 lakh, contributing to the overall growth.
- CoinSwitch maintains more than 95% of its crypto holdings in its own custodial wallets and CoinSwitchX, with the remainder on partner exchanges.
- By 2025, CoinSwitch boasts over 20 million users and continues to lead in trust, transparency, and financial stability in the Indian cryptocurrency market.
