OKX publishes proof of reserves with over 100% assets held for 22 cryptocurrencies
OKX's latest proof-of-reserves report reveals the crypto exchange holds reserves exceeding the number of assets deposited by customers on the platform, specifically for 22 major cryptocurrencies.
According to the crypto exchange's 30th consecutive Proof of Reserves report, the platform currently holds a total of $23.1 billion worth of primary assets from 22 major tokens, including Bitcoin (BTC), Ethereum (ETH), Tether (USDT), USD Coin (USDC), Ripple (XRP), Dogecoin (DOGE) and many others.
'OKX understands that the safety and security of customer assets are top priorities. We ensure our balance sheet always holds enough assets with a 1:1 reserve ratio, giving us a longstanding reputation for best-in-class security and liquidity,' stated the crypto exchange.
Audited by major web3 security auditor Hacken, the crypto exchange boasts on-chain reserves of over 100% of assets held across 22 cryptocurrencies, with the exception of its own native token OKB (OKB) which stands at exactly 100% or a 1:1 ratio.
Starting with the largest cryptocurrency by market cap, the platform's wallet holds a total of 139,082 BTC or worth $13.2 trillion. Compared to the total BTC held by OKX accounts, which is 133,151 BTC, OKX's reserves currently holds 104% of its customer deposits.
In the case of Ethereum, the second largest cryptocurrency by market cap, the exchange also has 104% of its ETH reserves stored compared to the ETH held in customer accounts. The same can be said about OKX's Tether reserves, the exchange has a total of 8.15 trillion USDT in its reserves or equal to a 104% ratio compared to its customer deposits.
The crypto exchange's proof of reserves ratio for USDC, Dogecoin and Solana (SOL) have also exceeded 100% by an additional 1%. Meanwhile, its proof-of-reserves ratio for XRP is the largest compared to any of the 22 primary assets, which is 110%.
Proof of Reserves is a cryptographic attestation that customer deposits are fully matched by on-chain reserves at a specific time. This means that in the event of an exploit or a hack, the exchange has enough funds in its reserves to cover customer losses and ensure liquidity on the platform holds up.
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