OKX's Proof-of-Reserves Shows Strong Over-Collateralization

IconCryptoNewsTerminal Staff25 Jul, 2024

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OKX's Proof-of-Reserves Shows Strong Over-Collateralization

OKX, a leading cryptocurrency exchange, released its monthly proof-of-reserves report on July 5th, demonstrating its commitment to transparency and maintaining over-collateralization for its users' assets. This report provides independent verification of OKX's asset holdings and ensures that user funds are safe and secure. As of July 5th, OKX held over-collateralization for all 22 assets included in the report. The reserve ratio for major assets such as BTC, ETH, USDC, and USDT exceeded 100%, with specific ratios recorded as follows: BTC: 104% ETH: 102% USDC: 100% USDT: 106% These reserve ratios indicate that OKX holds more assets in reserve than the total user liabilities for these assets. This over-collateralization provides an additional layer of security for users' funds, ensuring that OKX can meet its obligations even in extreme market conditions. OKX's commitment to over-collateralization is a testament to its dedication to safeguarding user assets. The exchange regularly publishes its proof-of-reserves report to maintain transparency and build trust with its users.

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