In a significant revelation, major cryptocurrency exchange OKX has released its ninth reserve certificate, with a snapshot dated July 20. The disclosure indicates a staggering total value of user assets amounting to $11.3 billion.
📢 Hot off the press 📢
— OKX (@okx) July 26, 2023
We’re proud to publish our July 2023 #ProofOfReserves report.
This is our 9th consecutive monthly report showcasing ≥100% reserve ratios for 22 assets, including $BTC, $ETH, $USDT, and more.
Don’t trust, verify: https://t.co/NofJe7XPvO pic.twitter.com/TxORYyk3lw
One notable aspect of the exchange's report is the striking assurance that all XRP tokens held by OKX users are 102% backed by the platform's own reserves. At present, this amounts to 196,322,816 XRP tokens, which collectively represent a value of $137.42 million.
Gamza KhanzadaevFurther insights from the report reveal substantial fluctuations in asset holdings, with 1,899 BTC and approximately 60,000 ETH witnessing an increase. As for stablecoins, the total supply of USDT decreased by 117 million, while USDC saw a boost of 36.15 million.
Control matters
As for now, it is probably Uphold Inc, another big player in the crypto industry, who holds the largest share of XRP tokens among exchanges and centralized trading platforms. According to the latest report, its holdings stand at an impressive $1.57 billion worth of XRP. This significant figure is unsurprising considering that XRP's trading turnover on Uphold accounts for a substantial 28.68% of all transactions.
While OKX's dominance in XRP holdings is well reported, it is worth noting that centralized exchanges retain ownership of the assets, not the users. The popular saying, "Not your keys, not your crypto," is a critical reminder to traders and investors to be cautious about leaving their assets on exchanges, as they lack control over them.
Godfrey Benjamin
Denys Serhiichuk
Vladislav Sopov
Dan Burgin