OKX reports $7.5B Proof-of-Reserves in BTC, ETH, USDT

OKX has reported its Proof-of-Reserves (PoR) for the first time revealing $7.5 billion in Bitcoin (BTC), Ethereum (ETH), and Tether (USDT), according to its January PoR report on Jan. 19.

OKX is the only one among the top five exchanges with “100% clean” reserves, according to CryptoQuant — a term bestowed when an exchange’s reserves do not include the exchange’s native token.

OKX reserves

OKX has over-collateralized reserves with a reserve ratio of 105% each for BTC and ETH, while USDT reserves are over-collateralized at 101%, according to the report.

OKX has also published over 23,000 addresses for its Merkle Tree PoR program — allowing the public to view reserve asset flows.

OKX CMO Haider Rafique said:

“We’ve already taken a leadership position by publishing our PoR monthly. As industry standards for PoR continue to take shape, we expect that our reserve asset quality will be one of many key differentiating factors for OKX in the market.”

In comparison to OKX, Binance reserves are considered 87.6% clean while Bitfinex and Crypto.com reserves are considered 69.88% and 95.51% clean, respectively, according to CryptoQuant data.

Journalist at CryptoSlate

Monika first started reading about crypto in 2020 and kept going deeper and deeper down the rabbit hole. While she is always skeptical of new projects, she earnestly believes blockchain and the crypto industry can bring relief to some of the most pressing problems of our time, including financial inequality and transparency. She is a voracious reader, and her fondness for food only rivals her love for books. Monika was previously a reporter at Jumpstart Media and Forkast News.