OKX reveals $10 billion in reserves in BTC, ETH and USDT

The OKX exchange published its seventh monthly Proof-of-Reserves report, showing $10 billion in Bitcoin, Ethereum, and the stablecoin USDT from Tether.

? Hot Off The Press ?#OKX is proud to publish our May 2023 #ProofOfReserves report.

This is our 7th consecutive monthly report showcasing 100% reserve ratios for 22 assets including $BTC, $ETH, $USDT, and more.

Verify: https://t.co/FGQXXqVNIg pic.twitter.com/ztYA1XSrR4

— OKX (@okx) May 29, 2023

The report covers a total of 22 digital assets, including (USDC), Dogecoin (DOGE), XRP from Ripple, Solana (SOL) and others. According to the exchange, client funds on the platform are backed by more than 100%.

The exchange regards as reserve assets cryptocurrencies that offer high liquidity and are recognised by the market.

“Proof-of-Reserves ensures that custodians hold sufficient funds to cover all client funds on the platform and deposit obligations, while remaining solvent,” OKX said.

For balance audits, the platform takes a snapshot and uses the encrypted Merkle tree system to protect against unauthorized access.

After implementation in April 2023, OKX’s zero-knowledge proofs technology in the Proof-of-Reserves mechanism enabled users to verify the exchange’s solvency themselves.

In May, OKX announced a phased rollout of support Ordinals and tokens of the BRC-20 standard in exchange wallets.