Placeholder canvas
Wednesday, April 17, 2024
HomeFinance NewsOKX Holds 178 Million XRP: Latest Proof of Reserves Revealed

OKX Holds 178 Million XRP: Latest Proof of Reserves Revealed

The latest Proof of Reserves (PoR) report by OKX, a leading cryptocurrency exchange, confirms that its crypto holdings, including 178 million XRP, are fully backed. The report, published for September 2023, reveals that as of September 19th, OKX held a balance of over $11.2 billion worth of digital assets. This audit covers 22 of the most widely used assets on the platform and aims to assure users that OKX maintains a reserve that exceeds user deposits. This practice has become common among centralized cryptocurrency exchanges following the FTX collapse, which was linked to a misappropriation of user deposits.

OKX’s latest PoR report, the 11th consecutive audit published by the exchange, shows that user wallets hold 173,284,313 XRP (approximately $86.7 million), while the exchange maintains a balance of 178,401,336 XRP (approximately $89 million). This means that OKX collateralizes users’ XRP deposits at a ratio of 103%. The report also discloses the collateralization ratios for OKX’s BTC and ETH holdings, which are 102% and 103% respectively. Additionally, OKX holds sufficient reserves for its stablecoin deposits, with Tether (USDT) and USDC deposits being collateralized at 103% and 109% respectively.

Despite concerns regarding Ripple’s ongoing lawsuit with the U.S. SEC, XRP represents OKX’s fifth largest crypto holdings in USD value, following BTC, ETH, OKB, and DOGE (excluding stablecoins). This indicates sustained user interest in XRP. Overall, OKX’s PoR report reinforces its commitment to maintaining a fully backed reserve to safeguard user deposits and boost trust in the exchange.

Source link

RELATED ARTICLES

LEAVE A REPLY

Please enter your comment!
Please enter your name here

Most Popular

Recent Comments