Changpeng Zhao Ashish Singhal Sumit Gupta Crypto Exchange India cryptocurrency FTX collapse Changpeng Zhao Ashish Singhal Sumit Gupta Crypto Exchange India

Indian crypto exchanges seek to reassure investors after FTX debacle

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moneycontrol.com

Indian crypto entrepreneurs said they are implementing measures to provide full transparency on their reserve funds to win back investor confidence after the collapse of FTX, the world’s third-largest crypto exchange by trading volumes.After the collapse sent shockwaves across the crypto landscape, cofounder of CoinDCX Sumit Gupta took to Twitter to say that the crypto exchange will publish its proof of reserves by the fourth week of November.

CoinSwitch’s cofounder Ashish Singhal has already declared that its crypto and fiat currency holdings exceeded the total amount held on behalf of its users.The moves follow Binance founder Changpeng Zhao’s promise to disclose its proof of reserves in order to provide full transparency on the extent to which it can cover potential customer withdrawals.

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