India, 7th May 2025: CoinSwitch, India’s largest crypto platform with over 2 crore users, continues its commitment to transparency and trust-building by publishing the 5th edition of its Proof of Reserves (POR). Achieved through an independent audit and on-chain validation, the assessment confirms that the company’s total holdings in crypto and INR (Indian Rupees) exceed the total assets held by its customers.

As of March 31, 2025, CoinSwitch’s total reserves, including crypto and INR balance, stood at ₹2,764.20 crore, while customer holding totaled ₹2,138.64 crore. This represents a surplus of ₹625.56 crore, reflecting prudent asset management and robust liquidity. According to the latest proof of reserves, CoinSwitch maintains a holdings ratio of 1:1 or more (A ratio of 1:1 or higher means the platform holds as much or more than users’ crypto and INR balances, allowing users to redeem or withdraw them at any time).

The report also indicates a ~10% growth in customer holdings compared to the previous PoR edition, primarily driven by favorable market conditions and price appreciation. As of 22nd October 2024, Bitcoin (BTC) traded at ₹57 lakh, and has since risen to ₹80 lakh, reflecting a robust upward trend. Additionally, CoinSwitch’s Assets Under Management (AUM) currently stands at ₹2,898 crore, which is subject to fluctuations in crypto asset prices.

The assets held by PeepalCo, CoinSwitch’s parent brand PeepalCo, are in addition to these funds and are not included in this POR assessment.

“In an industry that thrives on trust, transparency isn’t optional—it’s foundational. This Proof of Reserves, now in its fifth edition, reflects our uncompromising focus on fund safety and user protection,” said Balaji Srihari, Vice President, CoinSwitch. “We will continue to lead by example in bringing accountability and trust to India’s crypto space.”

The review was carried out as per the standards prescribed by the Institute of Chartered Accountants of India (SRS 4400).

The POR assessment verifies:

• CoinSwitch maintains a ratio of 1:1 or more against total user holdings, including crypto and INR. The total user’s holdings, including crypto and INR balance, is INR 2,138.64 crore, while CoinSwitch’s total holdings, including crypto and INR balance, is INR 2,764.20 crore.
• CoinSwitch maintains a ratio of 1:1 against user holdings of Virtual Digital Assets (VDA or crypto). The total user crypto holdings amount to INR 2043.15 crore, while CoinSwitch’s total crypto holdings stand at INR 2576.54 crore.

Further, with the public crypto wallet addresses disclosed by CoinSwitch, users can use blockchain explorers to get a real-time view of CoinSwitch crypto holdings. CoinSwitch employs industry-grade solutions to safely and securely hold users’ cryptos.