Crypto Exchange OKX Maintains Strong Digital Asset Reserves, September Report Reveals

OKX, a major cryptocurrency exchange, has released its Proof of Reserve (PoR) report for September 2023, revealing a robust reserve of digital assets that exceeds user deposits. Maintaining a reserve ratio greater than 100% has become a common practice in the industry following the fallout from the FTX collapse.

The report details that OKX holds significant reserves of various cryptocurrencies, including XRP, Bitcoin, Ethereum, Tether, OKB, and Dogecoin. The audit confirms that the exchange has consistently maintained a reserve ratio exceeding 100% for 22 different assets.

Beyond just showcasing its strong asset reserves, the report also outlines the collateralization ratios for deposits in Bitcoin, Ethereum, Tether, and USDC. This transparency is designed to instill confidence in users regarding the safety of their assets on the platform.

Furthermore, the September PoR report underscores ongoing user interest in XRP despite the ongoing legal disputes involving Ripple Labs and the U.S. Securities and Exchange Commission. The legal challenges have not dissuaded users from investing in XRP on OKX, as reflected in the substantial amounts held within the exchange’s reserves.

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