OKX Reserve Assets Increase by $800 Million since August

<p>

In a
continuous effort to uphold transparency within the cryptocurrency industry,
OKX has released its eleventh straight monthly Proof of Reserves (PoR) report.
The most recent disclosure reveals a significant holding of $11.2 billion,
primarily in assets like Bitcoin (BTC), Ethereum (ETH), and Tether (USDT).</p><p>OKX Publishes Eleventh
Proof of Reserves Report</p><p>The PoR
report covers 22 commonly traded digital assets, including BTC, ETH and USDT.
OKX has consistently maintained a reserve ratio exceeding 100% for 11 straight
months across all these assets. The current reserve ratios for the three mentioned
tokens stand at 102%, 103%, and 102%, respectively.</p><p>Compared to
the results reported in August, <a href="https://www.financemagnates.com/cryptocurrency/okx-boosts-crypto-reserves-by-38b-in-2023-makes-210000-addressses-public/" target="_blank" rel="follow">the reserves increased by $800 million</a>, rising
from $10.4 billion to $11.2 billion. However, when compared to July, they
slightly decreased, <a href="https://www.financemagnates.com/cryptocurrency/okx-boosts-crypto-reserves-by-38b-in-2023-makes-210000-addressses-public/" target="_blank" rel="follow">shrinking by $100 million</a>. It's important to note that
their value primarily depends on the prices of digital assets, which were
testing their yearly highs in July.</p><blockquote><p lang="en" dir="ltr">Gm. Time flies, and def flies faster in crypto. Today we published our 11th <a href="https://twitter.com/hashtag/ProofofReserves?src=hash&amp;ref_src=twsrc%5Etfw">#ProofofReserves</a> where we show our reserves in ratio of total customer funds. The saying goes.. “Don’t trust. Verify.”<a href="https://t.co/zOUEbqZIde">https://t.co/zOUEbqZIde</a></p>— Haider (@Haider) <a href="https://twitter.com/Haider/status/1706650212809462111?ref_src=twsrc%5Etfw">September 26, 2023</a></blockquote><p>"We've seen
hundreds of thousands of users engage with our PoR, visit our PoR page and view
their self-audits since late 2022,” commented Haider Rafique, the Chief Marketing
Officer at <a href="https://www.financemagnates.com/tag/okx/" target="_blank" rel="follow">OKX</a>. “The open-source verification tool allows users to
independently verify our solvency and confirm their assets are backed by our
reserves while maintaining their privacy.”</p><p>In its
latest press release, the <a href="https://www.financemagnates.com/terms/e/exchange/">exchange</a> noted that it had received the highest
possible quality rating among major cryptocurrency exchanges from Nic Carter, a
respected industry expert on <a href="https://www.financemagnates.com/terms/b/blockchain/">blockchain</a>. He referred to the exchange as the
"gold standard" of PoR reports.</p><p>Crypto Users Think PoR Reports
Are Important</p><p>OKX is the
only major cryptocurrency exchange that consistently publishes its PoR reports.
The Proof of Reserves serves as a tool enabling crypto exchanges to show they
possess enough reserves to back the digital assets held by their customers.
This is vital for sustaining confidence and safety in a sector frequently
criticized for its opacity. Regular PoR reports reassure users and establish a
benchmark that encourages other exchanges to enhance their transparency,
thereby improving industry norms.</p><p>PoR reports' popularity surged following the <a href="https://www.financemagnates.com/cryptocurrency/ftx-the-rise-the-fall-and-the-reaction/" target="_blank" rel="follow">FTX exchange's downfall in
November 2022</a>. These reports aimed to calm users who were anxious about withdrawing
their assets from decentralized exchanges.</p><p>In August,
OKX conducted two Twitter surveys to gauge public sentiment about the
importance of PoR and transparency in choosing a crypto platform. The results
were telling: 84% of respondents considered monthly PoR reports either “somewhat
important” or “very important,” while 88% emphasized the importance of
transparency.</p><p>“We have
invested an incredible amount of time and resources in developing the best PoR
in the industry, and the statistics show that crypto users value this,” added
Rafique.</p>

This article was written by Damian Chmiel at www.financemagnates.com.