Coin Edition -
- OKX published its twelfth asset reserve certificate recently.
- OKX reported 103% reserves for top coins, including Bitcoin, Ether, XRP, USDT, and USDC.
- DOGE had 101% reserve, and OKB had 100% reserve compared to user balances.
Major crypto exchange OKX published its twelfth asset reserve certificate today, indicating it continues to maintain 100%+ reserves to back user funds. According to the Chinese journalist Colin Wu, OKX reported 103% reserves for top coins including Bitcoin, Ether, XRP, USDT, and USDC. This means its wallet holdings of these assets exceed the total balances held by customers.
OKX announced the twelfth asset reserve certificate (snapshot date 10-24). User BTC assets were 136k, a decrease of 4.49% from the last time (9-18); user ETH assets were 1.42 million, increased by 3.5%, with an increase of 48,000 ETH; user USDT assets were 4.91 billion; user USDC…— Wu Blockchain (@WuBlockchain) October 31, 2023
For Bitcoin (BTC), OKX had total reserves of 140,484 BTC. This was enough to fully back the 136,227 BTC that OKX users had in their accounts. For Ethereum (ETH), OKX had total reserves of 1.44 million ETH. This exceeded the 1.42 million ETH owed to OKX users.
OKX also showed it holds over $5 billion in Tether (USDT) reserves and over $327 million in USD Coin (USDC) reserves. These stablecoin reserves are enough to fully back users’ balances.
The reserves for other assets like Dogecoin (DOGE) and OKB were also sufficient, with at least 100% of user balances covered. Overall, the proof-of-reserves certificate gives a sigh of relief that OKX has enough funds on hand to protect users against losses. This is an important reassurance after FTX’s collapse damaged confidence in exchanges.
The latest reserve figures continue an ongoing trend of OKX demonstrating solid backing for user funds. OKX published its last proof-of-reserve report back in September. The exchange has maintained 100%+ reserves across reserve certificates over the past year. This stands in contrast to FTX’s secretly low reserves.
Regular transparency from OKX and other major exchanges is aimed at assuring customers their funds are truly available if withdrawals are sought. Following the FTX insolvency, verifiable proof of reserves is now paramount.
OKX also utilizes third-party custody services to store portions of its reserves for added protection. While uncertainties persist in crypto markets, OKX’s latest filing underscores its financial stability amid the difficult climate.
The post OKX Releases Latest Reserve Certificate Showing 103% BTC Backing appeared first on Coin Edition.