OKX Proof of Reserves report showcased $11.2 billion in primary assets.
This is the eleventh PoR report in a row published by the company since FTX downfall.
In a
continuous effort to uphold transparency within the cryptocurrency industry,
OKX has released its eleventh straight monthly Proof of Reserves (PoR) report.
The most recent disclosure reveals a significant holding of $11.2 billion,
primarily in assets like Bitcoin (BTC), Ethereum (ETH), and Tether (USDT).
OKX Publishes Eleventh
Proof of Reserves Report
The PoR
report covers 22 commonly traded digital assets, including BTC, ETH and USDT.
OKX has consistently maintained a reserve ratio exceeding 100% for 11 straight
months across all these assets. The current reserve ratios for the three mentioned
tokens stand at 102%, 103%, and 102%, respectively.
Compared to
the results reported in August, the reserves increased by $800 million, rising
from $10.4 billion to $11.2 billion. However, when compared to July, they
slightly decreased, shrinking by $100 million. It's important to note that
their value primarily depends on the prices of digital assets, which were
testing their yearly highs in July.
"We've seen
hundreds of thousands of users engage with our PoR, visit our PoR page and view
their self-audits since late 2022,” commented Haider Rafique, the Chief Marketing
Officer at OKX. “The open-source verification tool allows users to
independently verify our solvency and confirm their assets are backed by our
reserves while maintaining their privacy.”
In its
latest press release, the exchange noted that it had received the highest
possible quality rating among major cryptocurrency exchanges from Nic Carter, a
respected industry expert on blockchain. He referred to the exchange as the
"gold standard" of PoR reports.
Crypto Users Think PoR Reports
Are Important
OKX is the
only major cryptocurrency exchange that consistently publishes its PoR reports.
The Proof of Reserves serves as a tool enabling crypto exchanges to show they
possess enough reserves to back the digital assets held by their customers.
This is vital for sustaining confidence and safety in a sector frequently
criticized for its opacity. Regular PoR reports reassure users and establish a
benchmark that encourages other exchanges to enhance their transparency,
thereby improving industry norms.
PoR reports' popularity surged following the FTX exchange's downfall in
November 2022. These reports aimed to calm users who were anxious about withdrawing
their assets from decentralized exchanges.
In August,
OKX conducted two Twitter surveys to gauge public sentiment about the
importance of PoR and transparency in choosing a crypto platform. The results
were telling: 84% of respondents considered monthly PoR reports either “somewhat
important” or “very important,” while 88% emphasized the importance of
transparency.
“We have
invested an incredible amount of time and resources in developing the best PoR
in the industry, and the statistics show that crypto users value this,” added
Rafique.
In a
continuous effort to uphold transparency within the cryptocurrency industry,
OKX has released its eleventh straight monthly Proof of Reserves (PoR) report.
The most recent disclosure reveals a significant holding of $11.2 billion,
primarily in assets like Bitcoin (BTC), Ethereum (ETH), and Tether (USDT).
OKX Publishes Eleventh
Proof of Reserves Report
The PoR
report covers 22 commonly traded digital assets, including BTC, ETH and USDT.
OKX has consistently maintained a reserve ratio exceeding 100% for 11 straight
months across all these assets. The current reserve ratios for the three mentioned
tokens stand at 102%, 103%, and 102%, respectively.
Compared to
the results reported in August, the reserves increased by $800 million, rising
from $10.4 billion to $11.2 billion. However, when compared to July, they
slightly decreased, shrinking by $100 million. It's important to note that
their value primarily depends on the prices of digital assets, which were
testing their yearly highs in July.
"We've seen
hundreds of thousands of users engage with our PoR, visit our PoR page and view
their self-audits since late 2022,” commented Haider Rafique, the Chief Marketing
Officer at OKX. “The open-source verification tool allows users to
independently verify our solvency and confirm their assets are backed by our
reserves while maintaining their privacy.”
In its
latest press release, the exchange noted that it had received the highest
possible quality rating among major cryptocurrency exchanges from Nic Carter, a
respected industry expert on blockchain. He referred to the exchange as the
"gold standard" of PoR reports.
Crypto Users Think PoR Reports
Are Important
OKX is the
only major cryptocurrency exchange that consistently publishes its PoR reports.
The Proof of Reserves serves as a tool enabling crypto exchanges to show they
possess enough reserves to back the digital assets held by their customers.
This is vital for sustaining confidence and safety in a sector frequently
criticized for its opacity. Regular PoR reports reassure users and establish a
benchmark that encourages other exchanges to enhance their transparency,
thereby improving industry norms.
PoR reports' popularity surged following the FTX exchange's downfall in
November 2022. These reports aimed to calm users who were anxious about withdrawing
their assets from decentralized exchanges.
In August,
OKX conducted two Twitter surveys to gauge public sentiment about the
importance of PoR and transparency in choosing a crypto platform. The results
were telling: 84% of respondents considered monthly PoR reports either “somewhat
important” or “very important,” while 88% emphasized the importance of
transparency.
“We have
invested an incredible amount of time and resources in developing the best PoR
in the industry, and the statistics show that crypto users value this,” added
Rafique.
Damian's adventure with financial markets began at the Cracow University of Economics, where he obtained his MA in finance and accounting. Starting from the retail trader perspective, he collaborated with brokerage houses and financial portals in Poland as an independent editor and content manager. His adventure with Finance Magnates began in 2016, where he is working as a business intelligence analyst.
Get ready to mark your calendars for FMAS:24, returning this May! Take a quick glimpse of what awaits at the Sandton Convention Centre in Sandton, South Africa from May 20-22, 2024.
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Get ready to mark your calendars for FMAS:24, returning this May! Take a quick glimpse of what awaits at the Sandton Convention Centre in Sandton, South Africa from May 20-22, 2024.
Don't miss out on this 5-second invite packed with energy and urgency!
Secure your free ticket now 🔗 https://events.financemagnates.com/yQx0l?utm_source=youtube&utm_campaign=fmas-is-back&utm_medium=video&RefId=FMAS24+Video+Ad+%5B1%5D
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📣 Stay updated with the latest in finance and trading!
Follow FMevents across our social media platforms for news, insights, and event updates. Connect with us today:
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Here's a sneak peek into the FMAS:24 vibrant atmosphere! Join us at Africa’s premium financial event for a transformative experience that combines the best of finance and technology.
From May 20-22, 2024, the Sandton Convention Centre in Sandton, South Africa, will be the hub for over 3,500 attendees to engage in unparalleled networking opportunities, learn from over 150 industry-leading speakers, and explore innovations from 120+ exhibitors.
Secure your free ticket now 🔗 https://events.financemagnates.com/yQx0l?utm_source=youtube&utm_campaign=fmas-is-back&utm_medium=video&RefId=FMAS24+Video+Ad+%5B1%5D
#fmas24 #fmas #fmevents #financeinafrica #traders #investors #affiliates #forexTraders #investmentOpportunities #B2BNetworking #finTech #Innovations #TradingCommunity #BusinessOpportunities #AfricanBusiness #Johannesburg #southafrica
📣 Stay updated with the latest in finance and trading!
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Don't miss out on our latest videos, interviews, and event coverage. Subscribe to our YouTube channel for more!
Here's a sneak peek into the FMAS:24 vibrant atmosphere! Join us at Africa’s premium financial event for a transformative experience that combines the best of finance and technology.
From May 20-22, 2024, the Sandton Convention Centre in Sandton, South Africa, will be the hub for over 3,500 attendees to engage in unparalleled networking opportunities, learn from over 150 industry-leading speakers, and explore innovations from 120+ exhibitors.
Secure your free ticket now 🔗 https://events.financemagnates.com/yQx0l?utm_source=youtube&utm_campaign=fmas-is-back&utm_medium=video&RefId=FMAS24+Video+Ad+%5B1%5D
#fmas24 #fmas #fmevents #financeinafrica #traders #investors #affiliates #forexTraders #investmentOpportunities #B2BNetworking #finTech #Innovations #TradingCommunity #BusinessOpportunities #AfricanBusiness #Johannesburg #southafrica
📣 Stay updated with the latest in finance and trading!
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Join 3500+ Attendees at FMAS:24 | Africa's Premium Financial Event
Join 3500+ Attendees at FMAS:24 | Africa's Premium Financial Event
Looking to expand your network in #Africa? Join 3500+ attendees at FMAS:24, where online trading, fintech, payments, and crypto meet! Connect with industry leaders and innovators for an unmatched networking experience.
20-22 MAY 2024
Sandton Convention Center, Sandton, South Africa
Register now to secure your spot: https://bit.ly/3JbUpCK
#fmas #fmas24 #fmevents #networking #finance #africa
📣 Stay updated with the latest in finance and trading!
Follow Finance Magnates for news, insights, and event updates across our social media platforms. Connect with us today:
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Looking to expand your network in #Africa? Join 3500+ attendees at FMAS:24, where online trading, fintech, payments, and crypto meet! Connect with industry leaders and innovators for an unmatched networking experience.
20-22 MAY 2024
Sandton Convention Center, Sandton, South Africa
Register now to secure your spot: https://bit.ly/3JbUpCK
#fmas #fmas24 #fmevents #networking #finance #africa
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Join 3500+ Attendees at FMAS:24 - Africa's Premium Financial Event
Join 3500+ Attendees at FMAS:24 - Africa's Premium Financial Event
Looking to expand your network in #Africa?
Join 3500+ attendees at FMAS:24, where online trading, fintech, payments, and crypto meet! Connect with industry leaders and innovators for an unmatched networking experience.
20-22 MAY 2024
Sandton Convention Center, Sandton, South Africa
Register now to secure your spot: https://bit.ly/3JbUpCK
#fmas #fmas24 #fmevents #networking #finance #africa
Looking to expand your network in #Africa?
Join 3500+ attendees at FMAS:24, where online trading, fintech, payments, and crypto meet! Connect with industry leaders and innovators for an unmatched networking experience.
20-22 MAY 2024
Sandton Convention Center, Sandton, South Africa
Register now to secure your spot: https://bit.ly/3JbUpCK
#fmas #fmas24 #fmevents #networking #finance #africa
Where the Prop Trading Industry Goes from Here | Finance Magnates Podcast
Where the Prop Trading Industry Goes from Here | Finance Magnates Podcast
Explore the tumultuous world of prop trading in this Finance Magnates podcast episode, featuring insights from Head of Axi Select, Greg Rubin.
We're discussing the challenges and shifts caused by MetaQuotes' pivotal decisions affecting MT4 and MT5 users, and how Axi Select offers a unique, realistic path to professional trading, steering clear of traditional prop firm pitfalls.
Tune in for expert analysis on the future of trading and innovative funding models.
The Axi Select programme is only available to clients of AxiTrader Limited. CFDs carry a high risk of investment loss. In our dealings with you, we will act as a principal counterparty to all of your positions. This content is not available for AU, NZ, EU and UK residents. For more information, refer to our Terms of Service. Standard trading fees apply.
This content is provided solely for general informational purposes and should not be construed as financial product advice or an investment recommendation. It has been prepared without considering your personal circumstances.
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Explore the tumultuous world of prop trading in this Finance Magnates podcast episode, featuring insights from Head of Axi Select, Greg Rubin.
We're discussing the challenges and shifts caused by MetaQuotes' pivotal decisions affecting MT4 and MT5 users, and how Axi Select offers a unique, realistic path to professional trading, steering clear of traditional prop firm pitfalls.
Tune in for expert analysis on the future of trading and innovative funding models.
The Axi Select programme is only available to clients of AxiTrader Limited. CFDs carry a high risk of investment loss. In our dealings with you, we will act as a principal counterparty to all of your positions. This content is not available for AU, NZ, EU and UK residents. For more information, refer to our Terms of Service. Standard trading fees apply.
This content is provided solely for general informational purposes and should not be construed as financial product advice or an investment recommendation. It has been prepared without considering your personal circumstances.
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