Crypto Exchange OKX Reveals $10.4 Billion in Bitcoin, Ethereum, and USDT Reserves
Crypto exchange OKX has announced that it holds a combined $10.4 billion worth of Bitcoin (BTC), Ethereum (ETH), and Tether (USDT) in its reserves. The exchange is committed to releasing monthly digital asset proof of reserves audits to provide transparency to its customers. Users can access audited proof at any time to verify that their crypto assets are 1:1 backed.
Here are the key points from the recent audit:
– OKX holds more BTC, ETH, and USDT than its users.
– Users hold 135,259 BTC while the exchange holds 138,584 BTC.
– Users hold 966,527 ETH while the platform holds 988,631 ETH.
– Users hold 5.01 billion USDT while OKX wallet addresses hold 5.1 billion USDT.
According to OKX, their Proof of Reserves covers 22 commonly used digital assets and has maintained a reserve ratio exceeding 100% for ten consecutive months. A poll on social media platform X found that 67.5% of voters consider monthly proof of reserves reports “very important,” and 79.6% consider transparency “very important” when choosing a crypto platform to trust.
Hot Take
OKX’s commitment to monthly proof of reserves audits and its transparency in disclosing its holdings is a positive step towards building trust in the crypto industry. The audit results show that OKX has a strong reserve ratio and holds more assets than its users, providing reassurance to its customers. Transparency and accountability are crucial factors for crypto platforms, and OKX’s efforts in this regard are commendable.
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