One of the leading Indian crypto exchanges CoinDCX has released its Proof-of-Reserves holding. Shiba Inu (Shib) ranks third in terms of numbers.
This was announced by CoinDCX co-founder Sumit Gupta. Twitter that they released Proof of Reserves in collaboration with Nansen, a portfolio tracking platform. Well-known exchanges such as Binance, Kucoin, OKX, Huobi, etc. have shared their proof of reserves to increase transparency after the FTX crash.
Co-founder of Indian crypto unicorn believes Proof of Reserves is just one side of the picture. They are working on publishing the ratio of reserves and liabilities on a regular basis.
Indian exchanges publish confirmation of reserves
Not only CoinDCX, but another Indian crypto unicorn CoinSwitch Kuber has previously published a Proof of Reserve (PoR). According to the report, the total holdings of CoinSwitch are larger than the total holdings of users. However, CoinSwitch PoR has faced backlash from the crypto community.
Crypto YouTuber Aditya Singh believes CoinSwitch PoR is worth laughing at. Community upset because there was no wallet data to verify PoR. In addition, PoR conclusions were made before November 4, that is, before the collapse of FTX. For such reasons, the community has considered CoinSwitch PoR deception.
Exchanges have a large distribution for SHib
The CoinDCX portfolio, worth over $131 million, is made up of 13% bitcoin, about 12% ethereum, and over 10% shiba. Shib, worth over $14 million, is the third largest holding in the portfolio.
Crypto.com has allocated over 20% of its portfolio to Shiba Inu. He owns over $500 million worth of SHIB. KuCoin owns over $40 million worth of Shib. The world’s leading exchange Binance owns Shib worth nearly $800 million. According to Etherscan, Binance is the second largest holder of the Shiba Inu token. It contains almost 8% of the total supply of tokens. At the same time, Crypto.com is the third largest holder.
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