CHENNAI: Giottus, one of the top-5 crypto platforms in India, has announced that it will provide customers with proof of reserves.
In a statement released here, Giottus CEO Vikram Subburaj said the company was ready to go ahead and publicize its proof of reserves. Earlier, he had said the same in an interview with Coindesk.com.
Other prominent crypto trading platforms in India either declined to comment or did not respond to requests for comments when asked if they would publicly publish their fund reserves or do a ‘Merkle tree’ proof of reserves according to Coindesk.
[The Merkle tree proof of reserves is a cryptographic data structure that stores transaction data from the blockchain while maintaining privacy – giving users the ability to verify the exchange’s account holdings.]
Vikram’s statement assumes significance in the wake of the shocking collapse of the crypto giant FTX that has rocked the industry.
“It is high time that all exchanges divulged proof of reserves and that this is the best point for regulators to make proof of reserve declaration mandatory as part of compliance filings,” Vikram said.
Giottus’ announcement on its willingness to publish proof of reserves is expected to go a long way in helping customers, investors, and traders make informed decisions about the platforms they use. Investors will be privy to information on the financial exposure of exchanges. This would help them stay away from exchanges with high-risk exposure.
Giottus has been at the forefront of all activities to integrate crypto regulations with the broader national legal framework.
The company, founded in 2017 by two IIM-C Alumni Vikram Subburaj and Arjun Vijay, has had a consistent and significant presence in the crypto ecosystem in India.
Giottus is known for its high compliance benchmarks, excellent customer support, and investment products that cater to novice investors and experienced traders alike.
For safe and stable investment options, the company offers diverse services such as Staking, Systematic Investment Plans (SIP), Fixed Deposits (FD), and Baskets, all in line with Giottus’ stated aim of promoting crypto adoption among the public in India.