In a recent disclosure, OKX has unveiled its 13th reserve certificate, showing a staggering total value of users’ assets reaching an impressive $14.5 billion in the snapshot taken on November 23.
The highlight of the report revolves around the exchange’s assurance that all XRP tokens held by users are solidly backed by its own reserves, with a staggering 104% coverage. This collateral covers a considerable amount of 219,171,917 XRP tokens, which translates to a remarkable value of $134.8 million.
Comparing this data with October figures reveals a fascinating trend. In the span of a month, OKX increased its XRP reserves by nine million tokens, outpacing the growth of user holdings, which only increased by 7.3 million tokens. This indicates a proactive strategy by the exchange to bolster reserves beyond the natural growth of users’ holdings.
📢 Hot off the press 📢
We are proud to release our November 2023 #ProofOfReserves report showing 100% reserve ratios for 22 assets, including the debut of $USDC @circle as a leading asset.
+1 million users have verified that their assets are backed 1:1 on #OKX: https://t.co/bx6kqVFjc1 pic.twitter.com/5u3YfgyqXP
– OKX (@okx) November 29, 2023
The report also sheds light on notable fluctuations in other digital assets, including an increase in holdings of 3,008 BTC and approximately 60,160 ETH. In the stablecoin domain, USDT witnessed an increase of 280 million in OKX Wallet assets, while USDC witnessed a decrease of 1.73 million.
Crucially, OKX’s commitment to a 104% reserve ratio for XRP surpasses that of Bitcoin (BTC) and Ethereum (ETH), both maintaining a 103% reserve ratio on the platform.
While OKX stands out for its significant holdings in XRP, it is crucial that users recognize the centralized structure of the exchanges. The proverbial wisdom, “not your keys, not your cryptocurrencies,” emphasizes the need for investors to act with prudence and caution.
