Crypto Exchange OKX Reveals $7.5 Billion in Bitcoin Reserves (BTC), ether (ETH) and Tether (USDTAs part of its monthly Proof of Reserve (PoR) report. Based on data from blockchain analytics firm CryptoQuant, OKX claims to have “the highest net asset reserves among major exchanges.”
OKX claims to maintain 1:1 reserves, which would mean that the company’s on-chain assets match 100% of customer balances. The report shows current reserve ratios of 105% for BTC, 105% for ETH and 101% for USDT.
The term “clean” is used in Proof of Deposit to describe crypto assets that do not include exchange platform tokens and consist purely of high market capitalization crypto assets, such as BTC, ETH and USDT. .
CryptoQuant monitors PoRs across the industry. Net reserves are defined by the firm as:
“A clean reserve is the total reserve of each exchange, excluding exchange native tokens. An exchange’s liquidity may be at risk if a self-issued token holds a significant percentage of the total reserve amount. Therefore, we have implemented a clean reserve. So that the liquidity of each exchange can be seen transparently.”
Related: Proof of deposit is becoming more efficient, but not all of its challenges are technical.
The analytics firm concluded that OKX’s assets are 100% clean. The PoR report, which is available on OKX’s website, involved in Historical reserve ratio data and liabilities. According to the company, it has published more than 23,000 addresses as part of its Merkel TreePOR program “and will continue to use these addresses to allow the public to view asset flows.”
Many in the industry are asking for more. Detailed Liquidity Disclosures Through the use of evidence reserves reports since the termination of FTX in November 2022. Since then, many crypto exchanges have released third-party reports, including Binance, KuCoin, Crypto.com and Bitfinex.
Two accounting firms, Mazars and Armanino, excluded crypto services from their portfolios in December, leaving the exchange without audit coverage at a critical time. Armanino was FTX’s audit firm and faced pressure from non-crypto clients after failing to find problems at the now-bankrupt company.
#OKX #Announces #7.5B #Liquid #Assets #Proof #Reserves #Report