OKX Reveals Substantial Cryptocurrency Reserves Worth $10.4 Billion
In a bold move to increase trust and transparency in the crypto world, leading exchange OKX has announced a whopping $10.4 billion reserve of Bitcoin (BTC), Ethereum (ETH), and stablecoin Tether (USDT). Monthly audits of digital asset proof of reserves have been implemented to support this declaration, with the platform's Chief Marketing Officer, Haider Rafique, emphasizing their commitment to openness.
Customers can now breathe easy, knowing their crypto assets are 1:1 backed, thanks to this transparency initiative. Rafique states, "Customers can see at any time audited proof that their crypto assets are 1:1 backed."
Surprisingly enough, the latest audit conducted on August 25 reveals that OKX holds more BTC, ETH, and USDT than its users collectively do. The audit shows:
- OKX users collectively hold 135,259 BTC. However, the exchange itself holds 138,584 BTC, with an additional 3,056 BTC in third-party custody.
- For Ethereum, OKX users hold 966,527 ETH. But the platform holds 988,631 ETH, having 10,253 ETH in third-party custody.
- In the case of USDT, OKX users hold 5.01 billion, while OKX wallet addresses hold 5.1 billion USDT, with 72 million USDT in third-party custody.
An official statement issued by OKX reads, "OKX's PoR (Proof of Reserves) covers 22 commonly used digital assets and shows that OKX has maintained a reserve ratio exceeding 100% for ten consecutive months across all those assets."
This commitment to openness mirrors user sentiments, as 67.5% of survey participants on social networking site X rated monthly proof of reserves reports as "very important." Another X survey showed that 79.6% of respondents highly value transparency when selecting a crypto platform.
In essence, OKX's proactive approach to transparency encourages trust among users and sends a comforting message to potential investors in the crypto market. By setting a standard for accountability, OKX positions itself as a leader in the cryptocurrency exchange market, influencing other exchanges to follow suit.
Investors might find the proactive approach to transparency taken by OKX encouraging, as the exchange's latest audit shows they hold more Bitcoin, Ethereum, and Tether than their users collectively do. This commitment to openness, backed by monthly audits, could potentially attract more potential investors to the cryptocurrency market.
