OKX, a cryptocurrency exchange, has released its fourth monthly Proof-of-Reserves (PoR) report, showing $8.6 billion in clean assets, including BTC, ETH, and USDT. This figure represents a 15% increase from January’s reserve report of $7.5 billion.
The report shows that OKX’s wallets were overcollateralized with 135,735 BTC compared to the user balance of 130,664 BTC. OKX has also increased its reserve ratio for bitcoin (BTC) to 104% in the last month.
Additionally, the reserve ratio for Ethereum has seen a slight increase and is now 104%. The OKX Nansen dashboard reveals that the exchange wallets held 1,341,238 ETH against the user balance of 1,288,504 ETH.
A similar pattern was seen in Tether’s reserve ratio, which was discovered to be 102%. Compared to January, the reserves reported by OKX for February rose by almost 15% overall.
Lennix Lai, OKX Managing Director of Financial Markets, stated:
“Proof of Reserves is far from a niche topic – it is of vital importance to building user trust and we are dedicated to ensuring OKX shows continued leadership in this area.”
Lai explained that as part of their continued commitment to openness and trust at OKX, they are proud to keep sharing their Proof-of-Reserves monthly. Lai claims that their data demonstrate that a significant portion of their users are actively interested in seeing their historical reserves and using open-source tools to confirm that their liabilities are considered.
CryptoQuant uses the “clean assets” metric to determine how much a cryptocurrency exchange depends on its token. A cryptocurrency exchange is said to have a clean reserve if it solely holds assets with high market capitalization rather than its native token. The CryptoQuant dashboard shows that the OKX reserves are entirely clean.
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