The popular cryptocurrency exchange OKX has released its latest Proof-of-Reserves report, showing that it is overcollateralized with a reserve ratio of 104% for Bitcoin (BTC), 104% for Ether (ETH), and 102% for USDT.
The report highlights that over 175,000 unique users have visited OKX’s Proof-of-Reserves page since its launch late last year, underlining the importance of transparency in the crypto industry.
Lennix Lai, Managing Director of Financial Markets at OKX, said in a statement that Proof of Reserves is vital to building user trust, and the exchange is dedicated to ensuring that the exchange continues to lead in this area.
This is not the first time OKX has demonstrated its commitment to transparency, with the exchange having released a report in January showing it had $7.5 billion in clean assets.
According to CryptoQuant, the company continues to have an entirely clean reserve, while Binance’s ‘cleanliness’ comes in at 94% and Huobi has 61%. In an interview with CoinDesk in January, OKX’s Chief Marketing Officer, Haider Rafique, stated that the exchange has “never used a native token to finance the company.”
OKX’s native token, OKB, is currently trading at $52.35, up 28.4% on-week, according to CoinGecko data. The exchange has implemented a Proof of Reserves system, which allows users to verify that the platform holds the amount of cryptocurrency it claims to.
To further its commitment to the industry, the exchange has announced the launch of its new blockchain, dubbed OKBChain, which will foster the development of an OKB decentralized ecosystem. OKBChain will be launched in Q1 2023, and it will be developed and operated by OKX.