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Excessive XRP Reserves Unveiled by Major Exchange OKX: Here's How Much It Is

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Wed, 26/07/2023 - 11:30
Excessive XRP Reserves Unveiled by Major Exchange OKX: Here's How Much It Is
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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.

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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.

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Further 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.

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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.

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