business Cryptocurrency Exchange Bitcoin

OKX declares $7.5B in liquid assets in proof-of-reserves report

Reading now: 395
cointelegraph.com

Crypto exchange OKX disclosed $7.5 billion in reserves of Bitcoin (BTC), Ether (ETH) and Tether (USDT) as part of its monthly proof-of-reserves (PoR) report.

Based on data from blockchain analytics firm CryptoQuant, OKX claims to have the “largest clean asset reserves among major exchanges.”OKX claims to maintain 1:1 reserves, which would mean means the company’s on-chain assets 100% match the customer‘s balances.

The report shows current reserve ratios of 105% for BTC, 105% for ETH and 101% for USDT.The term “clean” is used in proofs of reserves to describe crypto assets that do not include an exchange's platform tokens and are purely made up of high-market-capitalization crypto assets, such as BTC, ETH and USDT.CryptoQuant monitors PoRs across the industry.

A clean reserve is defined by the firm as:Related: Proof of reserves is becoming more effective, but not all its challenges are technicalThe analytics firm concluded OKX’s assets to be 100% clean.

Read more on cointelegraph.com
The website financemag.cash is an aggregator of news from open sources. The source is indicated at the beginning and at the end of the announcement. You can send a complaint on the news if you find it unreliable.

Related News

DMCA