Leading the crypto industry as the second largest exchange, as recognized by DefiLlama, OKX has provided an insight into its considerable reserves of widely known cryptocurrencies, in particular XRP and Bitcoin (BTC). This recent release of a proof-of-reserves report emphasizes OKX's robust position on the crypto market.
The report discloses that OKX currently holds a substantial 138,584 BTC in its wallets, reflecting a valuation of approximately $3.78 billion at present market rates. Impressively, these reserves translate to a coverage of user assets amounting to 102%, underscoring the exchange's commitment to security.
This same level of coverage extends to XRP user assets on OKX. The exchange's hot wallets contain a total of 176.162 million tokens, equivalent to about $92.89 million based on the prevailing prices. This positioning places XRP as the fifth-largest asset on OKX in terms of reserves, following Bitcoin, Ethereum, and stablecoins USDT and USDC.
Don't trust, verify.
— Haider (@Haider) August 30, 2023
We just published our 10th consecutive monthly proof of reserves showing USD$10.4 billion in BTC, ETH and USDT reserves.
You can use our self audit tool to see #OKX's reserves any time. https://t.co/OvxHImpfN7
With an aggregate sum of $10.4 billion in total user assets, OKX solidifies its stance as a prominent player in the crypto domain. While securing second place in terms of assets, it trails behind the largest player, Binance, which is estimated to hold about $59.827 billion.
The disclosure of such substantial reserves underscores OKX's role in facilitating crypto trading globally. However, it is important to remember a key principle in this market: "Not your keys, not your crypto," emphasizing the significance of individual control over one's assets in this dynamic industry.
Alex Dovbnya
Denys Serhiichuk