CoinSwitch, an Indian crypto platform, has published its sixth Proof of Reserves report. The company says customer assets are fully backed, with reserves much higher than user holdings.
This update comes as transparency remains a major concern in crypto after several global exchange failures in recent years.
The report shows that as of March 31, 2026, CoinSwitch held ₹2,360.33 crore in total reserves, while customer holdings were ₹1,747.25 crore. This results in a reserve surplus of ₹613.08 crore.
The company reported crypto reserves of ₹2,140.58 crore versus customer crypto holdings of ₹1,673.41 crore, and INR reserves of ₹219.75 crore against liabilities of ₹73.83 crore.
CoinSwitch said the assessment followed the Institute of Chartered Accountants of India’s SRS 4400 standards. The company, which says it has over 2.5 crore users, regularly publishes reserve reports to support transparency.
The report noted that user activity grew even as crypto prices changed during the quarter. CoinSwitch reported a 12.44% increase in the number of cryptocurrencies held by users. Bitcoin made up over 40% of holdings, with Ethereum at about 10%.
Ashish Singhal, CoinSwitch’s co-founder, said that trust in crypto platforms should be shown through transparency and careful risk management, not just words. He said the new reserve report is meant to reassure users that their assets are fully backed.
This announcement follows a recent discussion between Singhal and Zerodha co-founder Nikhil Kamath about gold-backed stablecoins in India. They debated whether India could use its large gold reserves to create value through blockchain-based financial products.
While Proof of Reserves reports are now common in crypto, experts note they are not the same as full financial audits. These reports confirm asset holdings at a certain time but may not show all liabilities, liquidity risks, or weaknesses during tough market conditions.
CoinSwitch Posts INR 613 Cr Reserve Cushion Amid Crypto Recovery
India’s crypto giant revealed reserves exceeding customer holdings by ₹613 Cr, reinforcing a strong liquidity position as crypto markets regain momentum. Transparency narratives are becoming a major talking point… pic.twitter.com/J37fmkWhTU
— 3.0 TV (3verseTV) (@reallive3tv) May 26, 2026
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