OKX Collaterals 22 Assets, Reserve Ratio Above 100%

IconCryptoNewsTerminal Staff29 May, 2024

cryptonews.jpg

OKX Collaterals 22 Assets, Reserve Ratio Above 100%

OKX has released its May 2023 Proof-of-Reserves Report, revealing that the exchange holds more than enough collateral to cover its liabilities. The report, which was released on May 20 at 3 PM, shows that the reserve ratio of 22 assets exceeded 100%. The reserve ratio is a measure of how much collateral an exchange holds in relation to its liabilities. A higher reserve ratio indicates that an exchange is less likely to default on its obligations to its customers. OKX's reserve ratio for BTC was 104%, ETH was 103%, USDC was 102%, and USDT was 102%. This means that OKX holds more than enough collateral to cover its liabilities in these cryptocurrencies. The release of OKX's Proof-of-Reserves Report comes at a time of increased scrutiny of cryptocurrency exchanges. In recent months, several exchanges have collapsed, leaving customers unable to access their funds. OKX's report provides reassurance to its customers that the exchange is financially sound and that their funds are safe.

Related News