The quick downfall of FTX with an $8-10 billion deficit in its balance sheet has left the broader cryptocurrency market reeling under its cascading effects.

Besides Proof of Reserves (PoR) and Reserves to Liability (R2L) Ratio data, Indian crypto exchanges, battling low volume caused by high taxation and an unfriendly regulatory environment, have responded to the evolving situation with some fresh initiatives.

Indian crypto exchanges have responded to the emerging situation with enhanced PR activities and some noteworthy initiatives. For example, CoinSwitch has launched a first-of-its-kind multi-exchange trading platform – CoinSwitch Pro.

“The first-of-its-kind KYC-compliant platform will allow users to trade Crypto assets in Indian Rupees across multiple exchanges with a single login,” the exchange said in a PR recently.

Its key features include single login, arbitrage advantages, and a unified portfolio across platforms.

CoinDCX, the highest-valued Indian crypto exchange, has released the list of its on-chain and off-chain balance of assets in a Proof-of-Reserves (PoR) exercise. In a PR, the company outlined plans to provide monthly updates on the Reserves to Liability (R2L) ratio, with the information already shared last week for the top 10 assets.

“We have the highest levels of corporate governance and have always maintained a user liability to assets ratio greater than 1:1,” CoinDCX said in its release.

(By Arun Srivastav)