Home Exchange News Crypto Exchange OKX Releases February Proof-of-Reserves Report

Crypto Exchange OKX Releases February Proof-of-Reserves Report

  • Report shows that OKX is over-collateralized, with reserve ratios of 104% for bitcoin (BTC).
  • The exchange disclosed in January that it had $7.5 billion in clean assets.

The most recent Proof-of-Reserves report shows that OKX is over-collateralized. With reserve ratios of 104% for bitcoin (BTC), 104% for ether (ETH), and 102% for USDT. Since its Proof-of-Reserves website went up at the end of last year. The exchange claims that more than 175,000 unique visitors have checked it out.

OKX Managing Director of Financial Markets Lennix Lai said in a press release:

 “Proof of Reserves is far from a niche topic – it is of vital importance to building user trust and we are dedicated to ensuring OKX shows continued leadership in this area.”

The exchange disclosed in January that it had $7.5 billion in clean assets. CryptoQuant has devised a metric called “cleanliness of assets” to assess an exchange’s reliance on its native cryptocurrency.

According to statistics provided by CryptoQuant, OKX still maintains a 100% clean reserve, while Binance scores 94% and Huobi scores 61% in terms of ‘cleanliness. OKX’s CMO, Haider Rafique, told in January that the exchange had never utilized a native coin to fund the company.

New Blockchain Launch

Moreover, two days ago, OKX announced the release of its new blockchain, OKBChain, which is distinct from OKXChain, its current smart contracts technology that is compatible with the Ethereum Virtual Machine (EVM). OKX’s founder Star Xu believes that the new OKBChain will help OKB’s decentralized ecosystem flourish.

According to Xu’s tweet, OKBChain will be released in the first quarter of 2023 as a distinct protocol from OKXChain. The CEO elaborated that the OKXChain is a community-built proof-of-stake blockchain, whereas the OKBChain will be developed and run by OKX.

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