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Why are Indian crypto investors asking for proof of reserve?
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Since the collapse of world’s third largest crypto exchange FTX in November -- on account of wrongly reported assets which were in its own tokens -- crypto investors closer home have been demanding their exchanges to release ‘proof of reserves’ or PoR. The PoR is basically a method to disclose an institution like an exchange’s assets to quantify if they hold sufficient resources to back customer balances.
This is calculated by a third party auditor. In India, CoinSwitch and CoinDCX had published their PoRs so far.
. Read more on moneycontrol.comAbout this in other media
India's Central Bank Governor Calls Crypto "Gambling," Asks for Blanket Ban Again! cryptonews.com /1 year ago
Trust is key to crypto exchange sustainability — CoinDCX CEO Sumit Gupta cointelegraph.com /1 year ago
Former ZebPay CEO launches crypto tax compliance start-up TaxNodes moneycontrol.com /1 year ago
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