OKX’s Proof-of-Reserves Report: $8.6B in Secure Crypto Holdings

SNEAK PEEK:

• The review of the proof of reserves shows that OKX is overcollateralized.
• Data from CryptoQuant verified OKX’s assertion that their asset is completely clean.
• Lennix Lai argues that Proof-of-Reserves is not a poorly understood concept.

Following a recent proof-of-reserves assessment, OKX, a Seychelles-based cryptocurrency exchange, is overcollateralized, with reserve ratios of 104% for Bitcoin (BTC), 104% for Ether (ETH), and 102% for USDT.

According to Nansen Dashboard, OKX’s $8.6 billion in reserves consists of $485.3 million in BTC, $338.2 million in ETH, and $199.9 million in USDT.

Further, data from CryptoQuant corroborated OKX’s claim that its asset is untainted. In other words, the cryptocurrency exchange’s reserves are entirely composed of large market cap digital assets rather than the exchange’s native token.

OKX also claimed in a blog article on its main website that over 90,000 people viewed the “Proof of Liabilities” page and 175K users perused the “Proof-of-Reserves” page. Compared to the $7.5 billion reported in reserves for January, OKX has climbed by nearly 15% in February.

Lennix Lai, OKX’s Managing Director of Financial Markets, added his remarks to the blog post by pointing out that “proof-of-reserves” is not an obscure subject. He also said that the OKX team is committed to maintaining its status as a market leader in this area, which is crucial to gaining users’ confidence.
OKB, OKX’s native cryptocurrency, is now trading at $52.86, up 0.6% on the day, according to data from Coinmarketcap. In addition, in the previous 24 hours, OKB’s market value has climbed to $3.16 billion, a 0.6% gain, while trading volume has decreased to $71 million, a 0.33% decline.