Crypto News – Big cryptocurrency exchange OKX said today that it is still maintaining 100%+ reserves to support customer funds by publishing its twelfth asset reserve certificate.
12th OKX Reserve Certificate Released, 103% BTC Backing Available According to the Certificate
For popular coins including Bitcoin, Ether, XRP, USDT, and USDC, OKX claimed 103% reserves, according to Chinese writer Colin Wu. This indicates that the total balances held by clients are less than the assets they have in their wallets.
OKX possessed a total of 140,484 Bitcoin (BTC) in reserves. OKX members have 136,227 BTC in their accounts, and this was sufficient to cover them completely. OKX had a total of 1.44 million Ethereum (ETH) in reserves. The amount of ETH due to OKX consumers was more than 1.42 million.
OKX Reserve Certificate Data Reassures Users
OKX disclosed that it has more than $5 billion in reserves for Tether (USDT) and more than $327 million in reserves for USD Coin (USDC). The balances of users might be fully backed by these stablecoin reserves.
With reserves covering at least 100% of user balances, additional assets such as Dogecoin (DOGE) and OKB were likewise well protected. Overall, it is comforting to know that OKX has sufficient cash on hand to shield users from losses, according to the proof-of-reserves certificate. This is a crucial assurance, as exchange trust was weakened by the collapse of FTX.
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