The latest proof of reserves from OKX seeks to assure customers holding XRP and other tokens that their assets on the exchange are backed at a 1:1 ratio.
Leading crypto exchange OKX published its ninth consecutive monthly proof of reserves (PoR) report on Wednesday. Per the update, OKX showed that it held over $11.3 billion worth of crypto assets, including XRP, as of July 26.
OKX Holds Over 192 Million XRP
XRP trading volume has been surging across several exchanges after the court ruled that the digital asset is not a security. Accordingly, OKX has shared its proof of reserves for XRP to increase users’ trust. It revealed that most of its reserves are stored in off-chain cold storage.
? Hot off the press ?
We’re proud to publish our July 2023 #ProofOfReserves report.
This is our 9th consecutive monthly report showcasing ≥100% reserve ratios for 22 assets, including $BTC, $ETH, $USDT, and more.
Don’t trust, verify: https://t.co/NofJe7XPvO pic.twitter.com/TxORYyk3lw
— OKX (@okx) July 26, 2023
The July report showcased that the popular trading platform has maintained a reserve ratio surpassing 100% for XRP in the past nine months. In particular, OKX’s latest PoR showed a 102% reserve ratio for the XRP.
Notably, OKX user asset holdings stood at 192,455,205 XRP, while the total XRP held by the exchange was 196,322,816 as of July 26. This implies that the exchange holds more XRP than users have deposited. This practice is meant to cater for any emergencies.
The report further showcased the reserve ratios of 21 other assets. These crypto assets included BTC, ETH, USDT, USDC, DOGE, SOL, OKB, APT, DASH, DOT, ELF, EOS, ETC, FIL, LINK, LTC, OKT, PEOPLE, TON, TRX and UNI. BTC, ETH, USDT, and ELF reserve ratios were 103%, while USDC’s reserve ratio eclipsed 109%.
XRP Reserves on Top Exchanges
Besides OKX, many other top exchanges have publicly disclosed their XRP reserves to build trust and increase transparency. Among such trading platforms are Binance, CryptoCom and Uphold.
As reported by The Crypto Basic, Uphold held about 2.1 billion XRP, equivalent to $1,079,850,490 ($1.07 billion) at the time of its PoR disclosure. Amid the exchange’s unwavering support for the token, XRP remains one of the largest holdings on the New York-based platform.
Binance, on the other hand, boasted 2.7 billion XRP in its reserves as of March. Moreover, CryptoCom showed a 101% reserve ratio for XRP last December.
Disclaimer: This content is informational and should not be considered financial advice. The views expressed in this article may include the author's personal opinions and do not reflect The Crypto Basic’s opinion. Readers are encouraged to do thorough research before making any investment decisions. The Crypto Basic is not responsible for any financial losses.
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