Crypto Exchange CoinDCX Releases Proof-of-Reserves

Shiba Inu Price Shows Early Signs of a Double Top

One of the leading Indian crypto exchanges, CoinDCX, released its Proof-of-Reserves holding. Shiba Inu (Shib) has the third-largest allocation.

Sumit Gupta, the co-founder of CoinDCX, announced on Twitter that they released their Proof of Reserves in collaboration with Nansen, a portfolio tracker platform. Notable exchanges like Binance, Kucoin, OKX, Huobi, etc., have shared their Proof of Reserves to promote transparency post the FTX collapse.

The co-founder of the Indian crypto unicorn believes that Proof of Reserves is just one side of the picture. They are working on publishing the Reserve to Liability ratio regularly.

Indian Exchanges Release Proof of Reserves

Not just CoinDCX, another Indian crypto unicorn CoinSwitch Kuber published their Proof of Reserve (PoR) earlier. As per the report, the total CoinSwitch holdings are greater than the total users’ holdings. However, the CoinSwitch PoR faced backlash from the crypto community.

The crypto YouTuber Aditya Singh believes that the CoinSwitch PoR is worth laughing at. The community is disappointed because there were no wallet details to verify the PoR. Furthermore, the findings in PoR were taken before Nov. 4, that is, before the FTX collapse. Due to such reasons, the community found the CoinSwitch PoR deceiving.

Exchanges have Large Allocation to Shib

The CoinDCX portfolio, worth over $131 million, consists of 13% Bitcoin, around 12% Ethereum, and over 10% Shib. Shib, worth over $14 million, is the third-largest holding of the portfolio.

Source: Nansen, CoinDCX portfolio has allocated over 20% of its portfolio to Shiba Inu. It holds SHIB worth over $500 million. KuCoin holds over $40 million worth of Shib. The world’s leading exchange Binance holds Shib worth nearly $800 million. According to data from Etherscan, Binance is the second-largest holder of the Shiba Inu token. It holds nearly 8% of the token’s total supply. At the same time, is the third-largest holder.

Shiba Inu holding wallets
Source: Etherscan

Got something to say about the Shiba Inu holding by exchanges or anything else? Write to us or join the discussion on our Telegram channel. You can also catch us on Tik Tok, Facebook, or Twitter.

For BeInCrypto’s latest Bitcoin (BTC) analysis, click here


All the information contained on our website is published in good faith and for general information purposes only. Any action the reader takes upon the information found on our website is strictly at their own risk.

Source link

Be the first to comment

Leave a Reply

Your email address will not be published.