OKX, a cryptocurrency exchange known for its high trading volume, has just released its second Proof-of-Reserves (PoR) report. This report allows users to verify that OKX has sufficient assets to cover customer withdrawals.
According to the report released on Thursday, OKX’s wallets held a total of 113,754 Bitcoin ($1.87 billion) as of Tuesday at 12:00 UTC. This is compared to a user balance of 112,192 Bitcoin, resulting in a Bitcoin reserve ratio of 101%. This is a slight decline from the 102% reserve ratio disclosed in OKX’s first PoR report, which was released on November 22nd.
The reserve ratio for Ether (ETH) has slightly increased from 102% to 103%. According to data from analytics firm Nansen, Bitcoin (BTC), Ether, and Tether make up a significant portion of the holdings, with a combined total of over 90%.
The release of this second PoR report is reassuring for OKX users, as it demonstrates the platform’s commitment to transparency and financial stability. By allowing users to verify the exchange’s reserves, OKX shows that it has nothing to hide and is taking steps to build trust with its customers.
The fact that OKX’s reserve ratio has remained above 100% is also a positive sign, as it indicates that the exchange has more than enough assets to cover customer withdrawals. This is particularly important in the volatile world of cryptocurrency, where the value of investments can fluctuate significantly quickly.
Overall, the release of OKX’s second PoR report is a welcome development for users of the exchange, as it guarantees that their assets are safe and secure. It also demonstrates OKX’s commitment to transparency and financial stability, which is essential for building trust and credibility in cryptocurrency.
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