- 5th Proof of Reserves confirms CoinSwitch holds more assets than users, building trust across India’s fast-growing Tier-2 crypto hubs
Ahmedabad 07 May 2025: CoinSwitch, India’s largest crypto platform with over 2 crore users, has released its fifth Proof of Reserves (PoR) report, reaffirming its commitment to transparency, trust, and investor protection. The report confirms that CoinSwitch holds more crypto and INR assets than the total amount held by its customers.
As of March 31, 2025, CoinSwitch’s total reserves stood at ₹2,764.20 crore, compared to customer holdings of ₹2,138.64 crore creating a surplus of ₹625.56 crore. This surplus reflects the company’s prudent asset and liquidity management, providing reassurance to its growing investor base not only in large metros but also in smaller towns across the country.
According to CoinSwitch’s recent How India Invests 2024 report, Ahmedabad ranks among the top 10 cities leading crypto adoption in India. This PoR confirms that CoinSwitch maintains a 1:1 or higher ratio of holdings to user balances, ensuring that every rupee and crypto held by users is fully backed by the company.
“In an industry that thrives on trust, transparency isn’t optional—it’s foundational,” said Balaji Srihari, Vice President at CoinSwitch.“This fifth Proof of Reserves reflects our uncompromising focus on fund safety and user protection. As the ecosystem matures, we will continue to lead by example in bringing accountability and trust to India’s crypto space.”
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 ₹2,880 crore, which is subject to fluctuations in crypto asset prices.
What the Proof of Reserves verifies:
- CoinSwitch maintains a 1:1 or higher ratio of assets to customer holdings.
- CoinSwitch’s total holdings stands at ₹2,764.20 crore, compared to customer holdings of ₹2,138.64 crore
- Total CoinSwitch crypto holdings: ₹2,576.54 crore vs user crypto holdings of ₹2,043.15 crore.
- All INR balances and cryptos are fully backed and securely held.
- Customers can verify CoinSwitch’s crypto wallet addresses via blockchain explorers for real-time transparency.
CoinSwitch’s parent brand, PeepalCo, holds additional funds that are not part of this proof of reserves.
This analysis was conducted in accordance with SRS 4400 standards laid out by the Institute of Chartered Accountants of India (ICAI). It underscores CoinSwitch’s efforts to lead the way in fund safety and transparency for India’s crypto investors—especially in the fast-growing cities beyond metros.
To enable complete transparency, CoinSwitch has also publicly disclosed its crypto wallet addresses, allowing users to verify the holdings via blockchain explorers in real-time. All user assets are safeguarded using industry-grade custody solutions with multiple layers of security.
