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CoinSwitch, India’s largest cryptocurrency investment platform, said it holds substantially more crypto and INR assets than are owed to users, as it published its fifth Proof of Reserves (PoR) on Tuesday.
According to the latest independently verified figures, CoinSwitch’s total reserves—comprising both crypto and rupee balances—stood at Rs 2,764.20 crore as of March 31, 2025. This is against customer holdings of Rs 2,138.64 crore, implying a surplus of Rs 625.56 crore and a holdings ratio above 1:1.
Both customer reserves and CoinSwitch’s total holdings saw an approximate 10% increase compared to the previous edition of its Proof of Reserves. As of September 30, 2024, CoinSwitch reported total holdings of Rs 2,514.91 crore, exceeding total customer holdings of Rs 1,952.81 crore across crypto and INR balances.
This growth was supported by favourable market conditions, including a significant rise in the price of Bitcoin—from Rs 57 lakh on October 22, 2024, to Rs 80 lakh by the end of March 2025.
Customer crypto holdings amounted to Rs 2,043.15 crore, while the platform’s crypto reserves totalled Rs 2,576.54 crore.
The proof of reserves were verified by an independent chartered accountancy firm using a mutually agreed-upon methodology. It covered both crypto and fiat balances held by CoinSwitch entities Bitcipher Labs LLP and Nextgendev Solutions Private Limited .
CoinSwitch also disclosed that it maintains over 95% of crypto assets in custodial wallets or on its in-house exchange, CoinSwitchX. Less than 5% are held on partner exchanges to facilitate trading operations.
CoinSwitch’s total assets under management now stand at Rs 2,898 crore, although this figure fluctuates based on crypto market prices. The Proof of Reserves report does not include funds held by the parent company PeepalCo.
Founded in 2017 and backed by investors such as Tiger Global, Coinbase Ventures, and Sequoia Capital India, CoinSwitch claims over 2 crore users.
(Edited by Kanishk Singh)
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