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India’s WazirX proof of reserves shows largest holding is Shiba Inu (SHIB)

By:
on Jan 11, 2023
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  • Indian crypto exchange WazirX has released its proof of reserves through Coin Gabbar.
  • The largest holding is in crypto token Shiba Inu, while Bitcoin, Ethereum and Dogecoin make the top 5.
  • Tether (USDT) accounts for the most holdings among stablecoins.

WazirX, India’s largest crypto exchange, has published its proof of reserves (POR), making public its wallet addresses, exchanges and POR report.

In an announcement on Wednesday, WazirX said the publication of its proof of reserves is a show of its commitment to promoting trust and security in India’s crypto ecosystem as the broader industry looks to enhance full transparency.

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Users can easily view the proof of reserves and see what’s held on the exchange and what coins are on the blockchain.

Shiba Inu makes up nearly 20% of WazirX reserves

WazirX’s POR are published via crypto asset tracking platform Coin Gabbar, with details showing the Indian exchange’s reserves-to-liability ratio is currently over 1:1.

As of this report, the total reserves stood at $283 million. Roughly $257 million are on the exchange, while $26.46 million are blockchain holdings.

While the reserves update in real time, the latest snapshot shows the largest percentage of holdings are in Shiba Inu (SHIB). As per data on Coin Gabbar, WazirX currently holds about 6.09 trillion SHIB tokens valued at $53.8 million and accounting for 19.01% of total holdings.

Bitcoin (BTC) and Ethereum (ETH) are the next two largest assets, with 1,356.56 BTC worth $23.6 million and 19,927.60 ETH worth around $26.5 million. Bitcoin and Ethereum account for 8.34% and 9.37%, respectively.

Top coins in WazirX’s reserves also include Dogecoin (DOGE) at 8.18%, the native WazirX (WRX) at 5.16% and Polygon (MATIC) at 5%.

Tether (USDT) is the largest stablecoin holding, with more than 11 million tokens accounting for 3.89% of total exchange reserves. Binance USD (BUSD), a stablecoin of the cryptocurrency exchange Binance, only makes up 0.048% of the third-party assets held.