OKX, one of the largest cryptocurrency exchanges by trading volume, has published its third monthly Proof-of-Reserves (PoR), which shows that it holds $7.5 billion in BTC, ETH, and USDT.
The detailed breakdown of assets is shown for the first time in this third proof of reserves that OKX has disclosed. The report reveals that the exchange has an increased reserve ratio, with 105% reserves for bitcoin (BTC), 105% reserves for ether (ETH), and 101% reserves for USDT.
The exchange, which did not include its native coin OKB in the PoR report, is said to have $7.5 billion in reserves.
OKX’s assets are “100% clean,” according to CryptoQuant, a blockchain analytics company that tracks PoR across the industry.
Most other well-known cryptocurrency exchanges are still a long way from achieving such a high standard of reserve cleanliness.
Binance’s reserves, for example, are 87% clean, Bitfinex’s are 70% clean, and Huobi’s are 60% clean.
According to OKX CMO Haider Rafique, security, transparency, and trust are central tenets of the company’s business philosophy and approach to customer service.
Rafique stated that they have already established a precedent by publishing their PoR on a monthly basis.
Rafique stated:
“As industry standards for PoR continue to take shape, we expect that our reserve asset quality will be one of many key differentiating factors for OKX in the market.”
Rafique claims that OKX intends to release PoR reports regularly. Furthermore, the exchange plans to launch a bug bounty program that will allow developers to examine the report for system bugs or other issues that OKX should address.
OKX has made over 23,000 addresses public for its Merkle Tree PoR program, and it will continue to use these addresses to make asset flows visible to the general public.
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