OKX Reveals Over-Collateralization of $12.5 Billion in Assets
OKX, a Seychelles-registered cryptocurrency exchange, has released its monthly Proof of Reserves (PoR) report, showing that it is over-collateralized with $12.5 billion in primary assets supporting user funds. This disclosure marks a full year of PoR reports following the collapse of FTX.
OKX Completes One Year of Monthly Proof of Reserves
The latest report from OKX reveals that the exchange has a reserve ratio of 103% for major assets like Bitcoin, Ethereum, and USDT. In October, user Bitcoin holdings decreased by 4.49% compared to the previous month, while user Ethereum holdings increased by 3.5%. User USDT holdings were over $4.9 billion, and USDC holdings were around $319 million. Other assets held by users on OKX include XRP, Doge, and Solana.
OKX Chief Marketing Officer Haider Rafique commented on the milestone, emphasizing the efforts made to ensure trust and transparency in the crypto industry.
Centralized Exchange’s Trading Volume Declines
Despite centralized exchanges providing transparency and reassurance about their financial position and user fund security after FTX’s collapse, their spot trading volume has been declining. In the third quarter of 2023, the top 10 centralized exchanges recorded a spot trading volume of $1.12 trillion, which was a 20% decline from the previous quarter’s total of $1.42 trillion.
Hot Take: OKX Demonstrates Trust and Transparency in Crypto Industry
The release of OKX’s monthly Proof of Reserves reports for a full year showcases the exchange’s commitment to trust and transparency. With over $12.5 billion in primary assets backing user funds, OKX has consistently maintained a reserve ratio exceeding 100% for major assets like Bitcoin, Ethereum, and USDT. This milestone sets a standard for the crypto industry to prioritize trust and transparency. Despite the decline in trading volume across centralized exchanges, OKX continues to demonstrate its dedication to ensuring the security of user funds.
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