OKX releases monthly reserves report


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.

OKX releases monthly reserves report
Data: OKX.

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.

OKX releases monthly reserves report
Data: Nansen.

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.

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