one of India’s top crypto exchanges WazirX’s PoR shows Shiba Inu accounts for the exchange’s highest cryptocurrency holdings.
Cryptocurrency exchanges worldwide have continued to release their Proof of Reserves (PoR) following the collapse of FTX. In a recent development, India’s leading cryptocurrency exchange, WazirX, joined other exchanges to release its Proof of Reserve, which shows a reserve-to-liability ratio of 1:1.
Shiba Inu Is WazirX’s Highest Crypto Holding
Local news outlet Business Standard reports today that WazirX has a total PoR worth $284.45M. Shiba Inu ranks as WazirX’s highest cryptocurrency holding, representing 19% of the exchange’s total reserve.
According to the report, WazirX holds a total of 6.09 trillion Shiba Inu tokens worth about $54.2 million. Interestingly, Shiba Inu is followed by Ethereum and Bitcoin, according to data shared by WazirX.
Per the report, Ethereum is the second-highest crypto asset in WazirX’s reserve, while Bitcoin is ranked as the company’s third-largest crypto holding. The PoR showed that WazirX holds a total of 20,057 ETH and 1,356 BTC valued at $26.6 million and $23.6 million, respectively. WazirX claims to have the highest reserve among all exchanges in India.
The development comes weeks after top India-based cryptocurrency exchanges, including WazirX and CoinDCX, ranked Shiba Inu as the most popular coin on their platforms in 2022.
Commenting on the recently published Proof of Reserve, WazirX said the move is part of efforts to reassure its customers that their funds are safe and to show them that there is sufficient liquidity to process users’ withdrawal requests.
Top Crypto Exchanges Hold Substantial Amounts of Shiba Inu
Following the collapse of FTX, cryptocurrency exchanges have begun publishing their Proof of Reserves to build public trust. Exchanges like Crypto.com, Binance, and CoinEx, have publicly revealed their PoR and the addresses where the funds are being held.
Interestingly, Shiba Inu is ranked among the largest holdings in these exchanges’ reserves. As reported last year by TheCryptoBasic, Crypto.com disclosed that Shiba Inu accounts for $558.61 million of its $2.88B reserve.
Similarly, Hong Kong-based crypto exchange provider CoinEx also revealed that it holds $14.3M in its reserve, fully collateralized at a rate of 100.05%. Binance now holds a staggering 83 Trillion SHIB, worth $738,549,274 ($738.54M).