Is CoinSwitch trustworthy? 🤔

And folks are buying one BTC daily

Author

Nisha Ramesh
November 18, 2022

Good Morning Switchers 🤗

👋Welcome to Switch Daily.

Today we want to introduce you to the land of promise. Not what you are thinking, but say hello to the country that intends to keep its promise through the difficult times. Presenting to you ‘El Salvador’, whose vision is to adopt Bitcoin as legal tender.

Nayib Bukele the president of El Salvador announced that the government was going to accumulate one BTC every day starting today. And following this Justin Sun, the founder of the Tron cryptocurrency network also announced that he was going to do the same. Naib just gave the 1 BTC dream a fresh makeover!

BTW, if you like reading this newsletter, give us a shout out on Twitter and get your friends to subscribe. It will mean a great deal to us!

Here’s what we’ve got for you:

  • Market pulse

  • We’ve got proof

  • Not-so-bad news

  • Meme-maker

Market pulse 📈

The market is prepping for the weekend! 🤫

The broader crypto market staged a recovery of sorts on early Friday, with a 0.82% day-on-day uptick against its name. Even though a marginal upmove, it could sail the beaten-down market past the red sea around.

Trading market volume saw a 12.77% drop over the past 24 hours, whereas the DeFi space registered a 0.46% dip. The current TVL for DeFi is $42.71 billion, according to DeFillama, a DeFi TVL aggregating dashboard.

Coin of the day: Litecoin

Litecoin has been quietly rising since yesterday as the token won a moment of reprieve from the FTX debacle. The value of the coin is up by 8% since yesterday and is currently trading at $62.89.

💡Our reserves are higher than our user funds

Yes, the FTX empire collapsed.

And with it, a few others took to the 🗡️.

But pause for a moment and look around. You will find many others who are picking up the mantle and trying to do right by the crypto world.

Talking about doing the right thing, CoinSwitch had itself reviewed by INMACS—an independent financial consulting firm to vet our proof-of-reserves.

What’s Proof-of-Reserves?

In our co-founder and CEO, Ashish’s words:

Proof-of-reserves is a way for financial companies to prove that they have the money that they say they have.

It aids in building trust between exchanges, traders, investors, and other stakeholders by providing an accurate account of the funds available on an exchange’s platform.

Here’s a quick summary of the review:

INMACS was provided with a snapshot with a detailed listing of crypto custody services, bank accounts, payment gateways used by CoinSwitch as well as counter-party relations with crypto exchanges.

They then compared these holdings with total CoinSwitch’s crypto and INR holdings to customers’ crypto and INR holdings with CoinSwitch to understand whether total CoinSwitch holdings were greater or equal to or less than customer holdings.

And the review concluded that— 🥁drumroll please🥁—CoinSwitch's overall holdings of Indian Rupees and crypto assets are greater than customer investments.

Check this out for a detailed account.

This means two things:

  1. Our reserves are higher than our user funds as of November 4, 2022, so our user’s funds are SAFU💯.

  2. We did not start this exercise only because FTX collapsed but strived to be more transparent with users much ahead of that.

So, is CoinSwitch trustworthy? Well, why don’t you hear it from Ashish himself?

Aur Kya Khabar? 📰

Dogechain—Dogecoin’s unofficial layer-2 network—has seen nearly 52% growth in its DeFi TVL over the past 30 days. The surge was triggered thanks to many BUIDLers heading to Dogechain to build DeFi projects.

Shiba Inu holders have something to cheer about despite the coin experiencing a 5.57% weekly drop in its price action. As of 15 November 2022, Shiba Inu was holding the top rank in terms of assets managed by the top 5000 Ether whales, according to data from Whalestats.

While the broader market reels from the effects of crypto contagion, vanilla ETH staking seems to be the way to go for many, thanks to the high yields. The APR for yields on ETH staking are now above 10%, according to the data released by Dune Analytics, an on-chain data analytics platform.

Meme of the day!

Before we wrap up, if you have come this far, you are the real deal and we’d like to get to know you better. Please take this quick survey and tell us what you think of Switch Daily. From the newsletter style to the content type, we are all ears for your input!

Thank You,

See you tomorrow, folks. 👋

How did you like our content today?

Login or Subscribe to participate in polls.

Loving Switch Daily? Make sure to share it with your friends and spread the love 💙