It’s worth mentioning that OKX’s Proof of Reserves (PoR) comprises 22 popular cryptocurrencies: BTC, ETH, USDT, USDC, XRP, DOGE, SOL, OKB, APT, DASH, DOT, ELF, EOS, ETC, FIL, LINK, LTC, OKT, PEOPLE, TON, TRX, and UNI.
According to the report, OKX has maintained a reserve ratio exceeding 100% for 10 consecutive months across all assets. The current reserve amount for Bitcoin (BTC), Ethereum (ETH), and Tether (USDT) on OKX stands at $10.4 billion.
The current reserve ratios of OKX are as follows: BTC: 102% ETH: 102% USDT: 103%
“The 10th PoR report coincides with a 38% increase in managed assets on OKX. This demonstrates OKX’s strong commitment to transparency. We conducted a community survey about the importance of PoR and transparency. The results showed that the majority of respondents care about PoR and transparency. Moreover, there is a higher demand for monthly PoR reports and greater transparency,” stated Lennix Lai, the Global Chief Commercial Officer of OKX.
As of the time of writing, OKX ranks as the 6th largest digital asset trading platform by trading volume. Notably, OKX has demonstrated its ability to conduct reward distributions to customers without fear of fund withdrawals. This positioning has established OKX as a user-friendly platform within the industry.
Furthermore, OKX operates outside of the United States, which provides it with greater operational flexibility in terms of listing tokens. It also benefits from protection against extensive regulations imposed on related companies by US regulatory bodies.
It’s worth noting that the practice of Proof of Reserves (PoR) was initiated by Binance last year, following the collapse of the derivatives exchange FTX. The collapse was attributed to the co-founder and former CEO, Sam Bankman-Fried (SBF), commingling customer funds.