OKX, a leading cryptocurrency exchange, has released its latest Proof of Reserves (PoR) report. The audit confirms that the exchange holds a significant balance of over $11.2 billion worth of cryptocurrencies, including 178 million XRP.
As OKX publishes its 11th consecutive audit, demonstrating its commitment to transparency, users can take comfort in the reassurance that their deposits are fully collateralized.
Read Also: New Report Shows Real Cause of Over 45% XRP Price Drop
OKX’s Sustained Confidence
In response to the FTX collapse and concerns surrounding user deposits, centralized cryptocurrency exchanges have increasingly adopted PoR audits, and OKX is no exception. By conducting regular audits covering the 22 most commonly used assets on its platform, OKX aims to maintain user trust by ensuring its reserve surpasses deposited amounts consistently.
📢 Hot Off the Press 📢
We’re proud to publish our September 2023 #ProofOfReserves report.
This is our 11th consecutive monthly report showcasing ≥100% reserve ratios for 22 assets, including $BTC, $ETH, $USDT, and more!
— OKX (@okx) September 26, 2023
OKX’s XRP Reserves
The latest PoR report reveals that OKX’s wallets hold an impressive 173,284,313 XRP (approx. $86.7 million), while the exchange itself maintains a balance of 178,401,336 XRP (approx. $89 million).
With a collateralization ratio of 103%, OKX demonstrates a firm commitment to safeguarding users’ XRP deposits. Remarkably, XRP ranks as OKX’s fifth-largest crypto asset in terms of USD value, trailing only BTC, ETH, OKB, and DOGE (excluding stablecoins).
Bitcoin (BTC), Ethereum (ETH), and Stablecoin Reserves
OKX’s PoR report also discloses the collateralization ratios for Bitcoin (BTC), Ethereum (ETH), and stablecoins. BTC holdings by users stand at 142,635 BTC (approx. $3.73 billion), with OKX’s own BTC holdings totaling 146,194 BTC (approx. $3.83 billion). ETH deposits by users amount to 1,370,982 ETH ($2.17 billion), while it maintains a balance of 1,415,452 ETH (approx. $2.2 billion).
Additionally, stablecoin reserves, including Tether (USDT) and USDC, are collateralized at ratios of 103% and 109%, respectively, ensuring sufficient backing for these popular digital assets.
Read Also: Ripple CTO David Schwartz: Higher XRP Prices Will Bring About Cheaper Payments
Additional Considerations
OKX’s XRP Holdings: It is important to note that the exchange’s XRP holdings are not necessarily user deposits. OKX may also hold XRP for its own purposes, such as trading or providing liquidity to its users.
XRP’s ranking as OKX’s fifth-largest cryptocurrency asset: This ranking is based on the total value of XRP held by both users and the exchange. It is not possible to know how much of OKX’s XRP holdings are actually user deposits.
OKX’s PoR audits: PoR audits only verify that the exchange has the assets that it claims to have. They do not verify the exchange’s financial health or its ability to meet its obligations to its users.
OKX’s adherence to regular PoR audits demonstrates its commitment to maintaining a robust reserve system, instilling confidence among its users. With substantial holdings of XRP, BTC, ETH, and stablecoins, OKX distinguishes itself as a reliable and secure platform for cryptocurrency trading.
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