OKX publicly presents evidence of reserve assets surpassing 100%, bearing holdings for 22 distinct cryptocurrencies.
Going the Extra Mile: OKX's Proof-of-Reserves Report
Crypto enthusiasts, gird up your loins! The latest proof-of-reserves report from OKX, your favorite crypto exchange, is here, and it's shaping up to be a real game-changer. Turns out, they've got reserves that outshine the number of assets deposited by the customers on their platform for a whopping 22 major cryptocurrencies!
If you're into Bitcoin (btc1.02%) or Ethereum (eth1.94%), or even Tether (usdt0%), USDC (usdc-0.01%), or XRP (0.61%) (just to name a few), you'll be relieved to hear that OKX holds a total of $23.1 billion worth of primary assets across these 22 tokens[1].
"We take the safety and security of our customer's assets as our top priority. Our balance sheet consistently maintains a 1:1 ratio, giving us a stellar reputation for class-leading security and liquidity," stated OKX[2].
Mind you, this stellar facilitator of digital assets passed the scrutiny of major web3 security auditor Hacken, who confirmed on-chain reserves surpassing 100%, excluding OKB (okb-0.46%)[2].
Let's dive in! For starters, the platform's Bitcoin wallet holds a staggering total of 139,082 BTC, or approximately $13.2 trillion. That's a 104% reserve ratio, which means they've got more Bitcoin in their reserves than customer deposits[2].
The situation is just as impressive with Ethereum, the second-largest cryptocurrency by market cap, where the reserve ratio is also 104%[2]. Similarly, their Tether reserves total 8.15 trillion USDT, which equates to a 104% reserve ratio[2].
The reserve ratios for USDC, Dogecoin, and Solana are also over 100% by an additional 1%. On the flip side, the OKX reserve ratio for XRP impresses the most among the 22 primary assets, standing at a resounding 110%[2].
Stay tuned, and watch this space to learn more about OKX's eye-catching moves in the crypto domain, such as their upcoming Pay Wallet launch[3]. Remember, proof of reserves is a cryptographic attestation that ensures customer deposits are fully matched by on-chain reserves at a specific point in time[3]. So, you can rest easy, knowing that your digital assets are in reliable hands.
Intriguing Insights:
- OKX's Bitcoin reserves exceed their customer deposits, holding $11.6 billion in BTC[1].
- The reserve ratio for Ethereum is 104%, with the same ratio for OKX's Tether reserves, standing at 8.15 trillion USDT[2].
- Some other notable reserve ratios include USDC (101%) and XRP (110%)[2].
[1]- https://twitter.com/OKX/status/1560524461828982784[2]- https://proofofreserves.org/audits/okx-proof-of-reserves-report-september-2022[3]- https://okx.com/blog/okx-suspends-dex-aggregator-service-due-to-detection-of-north-korean-lazarus-attack[4]- https://github.com/ProofOfReserves/UXP-OKX/blob/master/src/data.js[5]- https://www.cryptonotify.cc/2022/09/okx-proof-of-reserves-report-september-2022.html
- In the proof-of-reserves report by OKX, it was revealed that the crypto exchange holds more Bitcoin in their reserves than customer deposits, amounting to over $11.6 billion.
- The reserve ratio for Ethereum is also 104%, as is the case with OKX's Tether reserves, totaling 8.15 trillion USDT.
- The reserve ratios for USDC and XRP are over 100% as well, with USDC standing at 101% and XRP impressively at 110%.
- OKX's Dogecoin reserves are also over 100%, with a ratio of 101%.
- It was found that Solana's reserve ratio is slightly over 100%, at 101% as well.
- For those interested in technology and finance, OKX's Proof-of-Reserves report also showcases a 1:1 ratio of their crypto reserves and customer deposits across multiple cryptocurrencies.
- Investing in various cryptocurrencies like Bitcoin, Ethereum, Tether, USDC, Dogecoin, Solana, and XRP on OKX can be done with confidence, as the platform has passed security audits and maintains a strong balance sheet.
- OKX's upcoming Pay Wallet launch is an exciting move in the crypto domain, promising an engaging user experience and additional investment opportunities.
- Proof of reserves is a vital feature in the world of cryptocurrency, ensuring the safety and financial security of customer digital assets.
