From pioneering the introduction of Proof of Reserves (PoR) in India to becoming the first crypto exchange globally to unveil Monthly Transparency Reports, CoinDCX continues to redefine industry standards for trust and accountability.
Chennai, December 13, 2024 – CoinDCX, India’s largest crypto exchange, has introduced its Monthly Transparency Report, marking a significant step toward enhancing trust and predictability in the crypto ecosystem. This move transitions from the earlier practice of quarterly reports to a monthly update. The November 2024 report highlights a dramatic surge in trading volumes, soaring from $200 million between June and October to an impressive $800 million in November. This sharp increase reflects the growing adoption of crypto trading on the platform. Investor-favorite tokens such as Dogecoin (DOGE), Bitcoin (BTC), XRP, Shiba Inu (SHIB), and Ethereum (ETH) continue to dominate market activity, driving momentum across the ecosystem.
Going forward, the monthly Transparency Report will continue to provide comprehensive insights into market highlights, platform performance, and transparency metrics such as Proof of Reserve (PoR) updates and 1:1 fund ratios.
“We’ve always strived to set new standards in the industry when it comes to transparency and security for our investors. After the FTX incident in 2022, when investors were seeking assurance about the safety of their assets, we introduced quarterly Proof of Reserves (PoR) and Proof of Liability(PoL) to build trust. Now, with more investors entering the space and believing in crypto, it’s our responsibility as an exchange to do our part in further building their confidence. I believe the Monthly Transparency Report is an important step in that direction,” said Sumit Gupta, Co-founder of CoinDCX.
Key highlights from the November 2024 report include the company’s reserves, which stand at 3.12% above customer holdings, underscoring CoinDCX’s robust financial health and its dedication to user fund security. All reserves are measured in total token holdings valued in USDT, offering complete transparency. The reserves have been verified and certified by CoinDCX’s statutory auditor on December 11, 2024. The CoinDCX Insurance Protection Fund (CIPF) has also grown to ₹57.5 crore, reflecting a 15% increase since its inception and reinforcing CoinDCX’s capacity to address unexpected events while providing users with a reliable safety net.
