The latest proof of reserves (PoR) report by the leading exchange OKX shows its crypto holdings, including 178 million XRP, are fully backed.
Popular crypto exchange OKX has published its latest PoR report for September 2023. The latest audit reveals that as of 19th September, the exchange held a balance of over $11.2 billion worth of digital assets, including XRP.
The audit, which covers 22 of the most widely used assets on the platform, seeks to reassure users that OKX maintains a reserve that exceeds user deposits. This practice has become commonplace among centralized cryptocurrency exchanges in the wake of the FTX collapse, which was linked to a misappropriation of user deposits.
? Hot Off the Press ?
We’re proud to publish our September 2023 #ProofOfReserves report.
This is our 11th consecutive monthly report showcasing ≥100% reserve ratios for 22 assets, including $BTC, $ETH, $USDT, and more!
— OKX (@okx) September 26, 2023
OKX wallets hold 178 million XRP
OKX’s latest PoR is the 11th consecutive audit published by the exchange, with user assets exceeding a 100% collateralization ratio throughout the period. Among other assets, the audit shows that OKX user wallets hold 173,284,313 XRP (appr. $86.7 million), while the exchange maintains a balance of 178,401,336 XRP (appr. $89 million). The latest numbers mean that OKX collateralizes users’ XRP deposits at a 103% ratio.
OKX also disclosed the collateralization ratio for its BTC and ETH holdings, which are 102% and 103%, respectively. While users on the exchange hold 142,635 BTC (appr. $3.73 billion), OKX’s BTC holdings on the exchange and on third-party custodians number 146,194 BTC (appr. $3.83 billion).
For ETH, OKX users have 1,370,982 ETH ($2.17 billion), while the exchange maintains a balance of 1,415,452 (appr. $2.2 billion). OKX also holds sufficient reserves for its stablecoin deposits, with Tether (USDT) and USDC deposits being collateralized at 103% and 109%, respectively.
Meanwhile, the latest PoR also show that XRP represents OKX’s fifth largest crypto holdings in USD value, trailing only BTC, ETH, OKB, and DOGE (excluding stablecoins). This rating shows sustained user interest in XRP despite concerns that the project’s ongoing lawsuit with the U.S. SEC will linger for a while.
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