Friday, June 14, 2024

WazirX to share Proof of Reserves with the general public

by Jeremy

WazirX, the Indian crypto alternate, has mentioned that it’s at the moment working with a third-party vendor to conduct an audit of its reserves, which is able to present a proof of its holdings.

That is an ongoing course of and the outcomes of the audit might be shared with the general public when they’re accessible. Within the meantime, WazirX has assures its clients that their funds are protected and safe.

This announcement comes after Binance, a serious cryptocurrency alternate, determined to dissociate itself from WazirX on Aug. 5 in response to India’s Enforcement Directorate freezing an account belonging to WazirX. The account was believed to be concerned in cash laundering actions.

Proof of reserves is a technique utilized by cryptocurrency exchanges to show that they maintain sufficient cryptocurrency to cowl the balances of their clients. This is a vital transparency measure that helps to construct belief with clients and make sure that their funds are protected.

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