The latest Proof of Reserves report by popular crypto exchange OKX confirms that its crypto holdings, including 178 million XRP, are fully backed. The audit, which covers 22 assets on the platform, aims to reassure users that OKX maintains reserves that exceed user deposits. This practice has become common among centralized cryptocurrency exchanges following the FTX collapse, which involved the misappropriation of user deposits. OKX’s latest report shows that its user wallets hold 173,284,313 XRP, while the exchange itself maintains a balance of 178,401,336 XRP, collateralizing users’ XRP deposits at a 103% ratio.
In addition to XRP, OKX also disclosed its collateralization ratios for BTC and ETH, which are 102% and 103% respectively. The exchange holds a significant amount of BTC and ETH on its platform and third-party custodians. OKX’s stablecoin deposits, such as Tether (USDT) and USDC, are collateralized at 103% and 109% respectively. Interestingly, XRP represents the fifth largest crypto holding in USD value for OKX, indicating sustained user interest despite the ongoing lawsuit between XRP and the U.S. SEC.
The publication of OKX’s latest Proof of Reserves report for September 2023 reveals a strong commitment to transparency and reassurance for its users. With fully backed crypto holdings, including a significant amount of XRP, OKX proves that it maintains reserves that exceed user deposits. This report follows the industry trend of centralized cryptocurrency exchanges adopting proof of reserves audits to restore trust and prevent scenarios like the FTX collapse. The reassuring numbers in the report, including a high collateralization ratio for XRP, BTC, ETH, and stablecoins, demonstrate OKX’s dedication to ensuring the security of user assets.
