• OKX released a proof-of-reserves report showing $8.6 billion in “clean assets” with a reserve ratio of 104% for Bitcoin (BTC), 104% for Ether (ETH) and 102% for USDT.
• CryptoQuant data shows that OKX maintains an entirely clean reserve, while Binance and Huobi have 94% and 61%, respectively.
• Haider Rafique, OKX’s CMO, stated that OKX has “never used a native token to finance the company.”
OKX Releases February Proof-of-Reserves Report
FinanceOKX recently released their February proof-of-reserves report which showed $8.6B in ‘clean assets’. According to CryptoQuant, reserves are 100% clean compared to 94% for Binance and 61% for Huobi. Since the launch of this initiative late last year, over 175,000 unique users have visited their proof-of-reserves page.
The exchange reports that they are overcollateralized with a reserve ratio of 104% for bitcoin (BTC), 104% for ether (ETH) and 102% for USDT. This means that they are holding more than enough cryptocurrency to cover all liabilities on the platform.
OKX’s token, OKB is currently trading at $52.35 according to CoinGecko data; up 28.4%. When asked about the native token being used to finance the company, Haider Rafique, CMO of OKX stated that it was “never a big part of our business or treasury” but rather designed as a way to engage active customers by providing discounts through activity on the platform.
Proof Of Reserves
Proof of reserves is an important topic when it comes to building user trust in crypto platforms like OKX; they have committed themselves to ensuring they show leadership in this area. The latest report from OKX shows how dedicated they are towards transparency within their organisation and how much progress they have made since launching last year.
In conclusion, OKX has shown strong commitment towards transparency by releasing their February proof-of-reserves report which showed $8.6B in clean assets with a reserve ratio well above 100%. The native token was not designed as a way to finance the company but rather as an incentive program where active users can get discounts through activity on the platform; further increasing user trust in the platform overall