OKX reports $11.2 billion in reserve assets, an $800m boost since August
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Crypto exchange OKX published a Proof of Reserves report, revealing that the amount held in primary reserve assets has surged by $800 million compared to last month, hitting $11.2 billion mark.
Gm. Time flies, and def flies faster in crypto.
Today we published our 11th #ProofofReserves where we show our reserves in ratio of total customer funds.
The saying goes.. “Don’t trust. Verify.”https://t.co/zOUEbqZIde
— Haider (@Haider) September 26, 2023
The company has been publishing reports regularly following the crash of FTX, in order to be more transparent and provide its customers with peace of mind. The new report marks its eleventh monthly PoR report, and it revealed that the majority of assets is held in Bitcoin, Ethereum, and Tether.
The report has covered 22 commonly traded digital assets, including those mentioned. Furthermore, it is worth noting that OKX consistently maintained a reserve ratio exceeding 100% for 11 months straight, for all of the covered assets. Right now, reserve ratios for BTC, ETH, and USDT stand at 102%, 103%, and 102%, respectively.
PoR reports have seen massive interest from the public
One of the big, positive developments is the fact that the reserves saw an $800 million increase compared to last month’s report, going from $10.4 billion to $11.2 billion. However, they are about $100 million lower compared to the situation in July.
Even so, it is worth noting that the value depends on crypto prices, which were at their yearly high in July. After that, they saw a significant drop in the second half of the summer.
OKX’s Chief Marketing Officer, Haider Rafique, commented on the report by saying: “We’ve seen hundreds of thousands of users engage with our PoR, visit our PoR page and view their self-audits since late 2022.”
Rafique added that the open-source verification tool allows users to verify the company’s solvency independently and confirm that their assets are fully backed by the reserves. All of that is possible while still maintaining their privacy.
The exchange also said recently that it received the highest quality rating among major exchanges from a blockchain expert Nic Carter. Carter called OKX the “gold standard” of Proof of Reserve reports, which have become crucial for maintaining trust after the FTX bankruptcy. With regular reports and transparency, trust is not necessary, as users can see for themselves what the situation looks like behind the scenes.
OKX is the only major exchange to publish regular PoR reports
So far, OKX has been the only major crypto exchange that is publishing these reports consistently. So far, it has published 11 of them, not missing a single month. The reports are a tool that allows exchanges to show they possess enough money in the reserve to back the assets held by their customers.
This helps maintain confidence and safety in the sector, especially given how often it is criticized for its opacity. On top of that, the users themselves clearly appreciate the reports. OKX proved it in August when it conducted two surveys on X, seeking the public’s opinion on the importance of reports. 84% said that they considered the reports either somewhat important or very important, while 88% stressed the importance of transparency.
