OKX Publishes Monthly Reserve Report

The cryptocurrency exchange OKX published its third monthly proof-of-reserves confirmation, confirming that user assets are backed in leading cryptocurrencies.

? Hot Off The Press ?#OKX is proud to publish our January #ProofOfReserves audit.

This is our ??? monthly public audit showcasing ???% reserve ratios for $BTC, $ETH, $USDT — the largest ????? asset reserves among major exchanges.

Details: https://t.co/H59lf7Wj5S pic.twitter.com/TTvId9c3pm

— OKX (@okx) January 19, 2023

According to the snapshot as of January 18, client deposits are collateralised by reserves of 105% in BTC and ETH, and 101% in USDT. The overall reserve ratio has risen compared with the previous month.

The platform also updated the dashboard detailing balances by asset.

They note that they regard the confirmation of ‘clean reserves’ as important, which do not include exchange tokens and consist solely of highly liquid assets with high market capitalization.

According to the Nansen dashboard, BTC, ETH and USDT together account for nearly 95% of the platform’s total assets. The dominant stablecoin is Tether with a 41% share, another 4% is USDC from the Centre consortium.

Инициативу Proof-of-Reserves первой из бирж launched by Binance FTX collapse in November 2022.

Experts have cast doubt on the effectiveness of such checks, noting that the figures do not indicate the safety of users’ assets.

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