OKX Releases Fourth Proof of Reserves Report With $8.6B in ‘Clean Assets’
OKX released its fourth monthly Proof of Reserves (PoR) enabling its users to verify that the Seychelles-based crypto exchange holds the amount of cryptocurrency that it claims to.
It revealed holding clean assets worth $8.6 billion in Bitcoin (BTC), Ethereum (ETH), and Tether (USDT).
- According to the latest data, OKX’s wallets held 135,735 BTC against a user balance of 130,664 BTC, thereby being overcollateralized. Its reserve ratio for Bitcoin has increased to 104% in the past month.
- The reserve ratio for Ethereum also noted a slight rise since its previous report and stood at 104%. The exchange wallets recorded assets worth 1,341,238 ETH against the user balance of 1,288,504 ETH, according to the OKX Nansen dashboard.
- Meanwhile, a similar trend was noted across the reserve ratio of Tether, which was found to be 102%. Overall, OKX’s February reserves report has increased by nearly 15% compared to January.
- Commenting on the release, OKX’s Managing Director of Financial Markets Lennix Lai stated,
“We are proud to continue the monthly publishing of our Proof of Reserves in line with our unwavering commitment to transparency and trust here at OKX. Our data shows that hundreds of thousands of our users have taken an active interest in viewing our historical reserves and using open-source tools to verify their liabilities are included.”
- The new PoR comes a month after OKX reported holding $7.5 billion in “clean assets,” a metric used by CryptoQuant that gauges a crypto exchange’s reliance on its proprietary token.
- An exchange’s reserve is deemed clean if it comprises solely of high market cap crypto assets and not its native token. The CryptoQuant dashboard shows that OKX reserves are 100% clean.
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Read more: https://cryptopotato.com/okx-releases-fourth-proof-of-reserves-report-with-8-6b-in-clean-assets/
Text source: CryptoPotato
