OKX has released yet another monthly Proof of Reserves (PoR), which reveals that the Seychelles-registered cryptocurrency exchange is over-collateralized with $12.5 billion in primary assets backing user funds.
The latest disclosure marks a full year of PoR reports beginning right after the collapse of FTX.
OKX’s Proof of Reserves (PoR) encompasses 22 widely-used digital assets including Bitcoin, Ethereum, and Tether. It also indicated that the platform has consistently maintained a reserve ratio exceeding 100% for a continuous period of 12 months across all of these assets.
According to the latest report, OKX is overcollateralized with a reserve ratio of 103% for each of the three major assets – Bitcoin, Ethereum, and USDT.
In October, OKX reported that user Bitcoin holdings amounted to $136,227, showing a 4.49% decrease compared to the previous month. On the other hand, user Ethereum holdings increased by 3.5% to 1,419,083 during the same period.
Meanwhile, the exchange’s user USDT holdings stood at a little over $4.9 billion while that of USDC stood at around $319 million. OKX recorded user XRP holdings at over $204 million, Doge at over $3.27 billion, and Solana at nearly $1.69 million among other assets.
Commenting on the latest development, OKX Chief Marketing Officer Haider Rafique was quoted saying
“This milestone represents twelve months of strong efforts to publish hundreds of thousands of blockchain addresses, implement zero-knowledge technology to allow trustless verification and consistently listen to feedback and improve the report. I’d like to take this opportunity to encourage you, whether you’re a user of OKX or not, to take a new look at our Proof of Reserves as we set the standard for a crypto industry that stands for trust and transparency, always.”
Despite centralized exchanges actively providing transparency and reassurance about their financial position and the security of user funds following the collapse of the FTX exchange, their spot volume have been on a decline.
As reported earlier, the top 10 centralized CEXes posted a spot trading volume of $1.12 trillion in the third quarter of 2023, marking over 20% decline from the second quarter’s total of $1.42 trillion with analysts deeming it period as a turbulent period for exchanges.