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Wazirx Indian cryptocurrency published its proof of reservations and with it revealed that 90% of its user's property is stored in binary portfolios.
Cryptocurrency exchange WazirX has released its proof of reserves and says that it is India’s largest exchange in terms of both volume and reserve funds. After the chaos that ensued after the collapse of the bankruptcy swap ftx, most of the major providers of digital asset services in the industry began to raise awareness of their contingency funds, with BINANCE taking the lead. As mistrust within the industry has started to spread throughout the industry, many businesses have had to free up their reserves to maintain consumer confidence. The latest to join this trend is India's cryptocurrency wazirx currency. The stock exchange announced its transparency on 11 January and stated:
We are not only the largest crypto exchange of India in volume, but the largest crypto exchange of India in reserves.
The exchange used, a third-party crypto resource tracking forum, to make public its evidence of reservations. According to the data, wazirx has approximately $285 million in total assets posted in the stablecoin tether. In addition, Wazirx reported that 90 percent of its user assets are held in binary portfolios and the remaining 10 percent are stored in hot and cold storage portfolios. Wazirx stated that binance was its chosen portfolio because of its 'strict protocols and state-of-the-art technical measures' used to protect user funds on its platform.
Another upcoming revelation of reserve evidence is that more than 19% of the stock market's holdings are in Shiba Inu, Nine and a half percent in aether, Eight and a half percent in bitcoin, and 8.18 per cent in Dogecoin. The Exchange also assured clients that its reserves/liabilities ratio was greater than 1:1, which means that it would not be expected to experience liquidity problems if it received large withdrawals from clients.
