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WazirX shows proof of reserves with major funds stored in Binance wallets

WazirX is the first Indian exchange to publish a proof of reserve

WazirX, an Indian crypto exchange, has published its proof of reserves and announced that it holds $285 million in total user assets held in Tether (USDT) at the time of writing, with 90% of these assets held in Binance-based wallets.

The remaining 10% is stored in hot and cold storage wallets. The exchange stated that they chose Binance because of their strict protocols and industry-leading technical measures to safeguard user funds, and that they have a more than 1:1 ratio to protect user funds in case of liquidation.

https://www.coingabbar.com/en/proof-of-reserve/Wazirx

This move comes in response to recent controversies in the crypto industry, such as FTX liquidity and bankruptcy scandal, and other digital-asset service providers also began to publicize their reserve funds.

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