Bitcoin exchange OKX has published its third monthly proof of reserves (Proof-of-Reserves), confirming the provision of user assets in leading cryptocurrencies.
According to the January 18 snapshot, client deposits are 105% exposed to reserves in BTC and ETH, and 101% in USDT. The total collateral ratio increased compared to the previous month.
The platform has also updated the panel detailing the balance in assets.
The company noted that it considers it important to confirm “net reserves”, which do not include exchange tokens and consist exclusively of highly liquid assets with a large capitalization.
According to the dashboard Nansen, BTC, ETH and USDT together account for almost 95% of the value of all funds on the platform. The stablecoin from Tether dominates with a share of 41%, another 4% is occupied by the “stable coin” USDC of the Center consortium.
The Proof-of-Reserves initiative was first launched by Binance, shortly after the FTX crash in November 2022.
Recall that a number of experts questioned the effectiveness of such checks, noting that the indicators do not indicate the safety of users’ assets.
Read CryptoNewsHerald bitcoin news in our Telegram – Cryptocurrency news, courses and analytics.
Found a mistake in the text? Select it and press CTRL+ENTER
Comments (No)