CoinSwitch, India’s biggest crypto investment platform, made a shocking revelation on 7 May 2025. According to its spokesperson, CoinSwitch has more crypto stocks, coins, and INR-pegged assets than what users owe.
The claim came when CoinSwitch submitted its 5th Proof of Reserve on Tuesday.
CoinSwitch’s net reserves stood at INR 2,764.20 crores in March 2025, including crypto and currency balance.
Out of the total holdings, INR 2,138.64 is customer holdings. Hence, the surplus holding is $625.56. Meanwhile, the holdings ratio is 1:1. The customer reserves and the net holdings of CoinSwitch witnessed an aggregate 10% growth compared to the previous year’s Proof of Reserves.
On Sept 30, 2024, CoinSwitch marked a net holding of INR 2,514.91 crores, crossing the customer holdings of INR 1,952.81 crores. The additional margin is approximately 400.7 crores.
The Validation of The Proof of Reserves
The latest Proof of Reserve was validated by an autonomous chartered accountancy firm based on a mutually agreed-upon methodology. It covers the crypto balance and the fiat balance of the platform’s two entities: Nextgendev Solutions Pvt. Ltd and Bitcipher Labs.
More Revelations
CoinSwitch reported that 95% of the company’s crypto assets are held in custodial wallets and an in-house exchange named CoinSwitchX. Meanwhile, around 5% are also held by partner exchanges to facilitate better trading operations.
The total assets of the company are approximately INR 2,898 crores. However, this price depends on the market prices in the crypto world. Meanwhile, note that the proof of Reserves ignores the funds that the parent company, Peepal Co. holds!
