Crypto exchange OKX is revealing a combined $10.4 billion worth of Bitcoin (BTC), Ethereum (ETH) and the stablecoin Tether (USDT) in the platform’s reserves.
According to OKX chief marketing officer Haider Rafique, the platform is committed to releasing monthly digital asset proof of reserves audits.
He also says customers are able to see at any time audited proof that their crypto assets are 1:1 backed.
OKX’s most recent August 25th audit shows the exchange is holding more BTC, ETH and USDT than the platform’s users are holding.
According to the audit, OKX users have a total of 135,259 BTC while the exchange holds 138,584 BTC, which includes 3,056 in the custody of a third party.
OKX users hold 966,527 Ethereum, while the platform holds 988,631, which includes 10,253 ETH in third-party custody.
Lastly, OKX users hold 5.01 billion USDT while OKX wallet addresses hold 5.1 billion, which includes 72 million in custody with a third party.
Says an OKX press statement,
“OKX’s PoR (Proof of Reserves) covers 22 commonly used digital assets and shows that OKX has maintained a reserve ratio exceeding 100% for ten consecutive months across all those assets.”
The firm also says that a poll on the social media platform X finds that 67.5% of the 612 people who voted consider monthly proof of reserves reports “very important.” In another poll on X, 79.6% of the 540 voters say that transparency is “very important” when deciding which crypto platform to trust.
Don't Miss a Beat – Subscribe to get email alerts delivered directly to your inboxGenerated Image: Midjourney