OKX, a cryptocurrency exchange, has announced that it has reserves worth $10.4 billion in Bitcoin (BTC), Ethereum (ETH), and Tether (USDT). The exchange is dedicated to releasing monthly audits of its digital asset proof of reserves, as per Haider Rafique, OKX’s chief marketing officer.
OKX reveals the secrets of its reserves
Customers can view audited proof of their crypto assets being 1:1 backed at any time. The audit of August 25th reveals that OKX is holding more BTC, ETH, and USDT than its users.
Based on the audit, the total amount of BTC held by OKX users is 135,259 while the exchange itself holds 138,584 BTC, which also includes 3,056 BTC held by a third party.
As for Ethereum, OKX users hold 966,527, while the platform itself holds 988,631, which includes an additional 10,253 ETH held by a third party.
Finally, OKX users hold 5.01 billion USDT, while the OKX wallet addresses hold 5.1 billion USDT, including 72 million USDT held by a third party.
An OKX press statement said the following:
“OKX’s PoR (Proof of Reserves) covers 22 commonly used digital assets and shows that OKX has maintained a reserve ratio exceeding 100% for ten consecutive months across all those assets.”
Back in May, we were revealing that according to the exec from OK Group, the company is expanding its operations to France and aims to recruit 100 full-time employees within the next three years.
The crypto exchange has taken a step forward by applying for registration as a Digital Asset Service Provider (DASP) in France. The DASP license will allow the firm to offer digital asset custody and operate a crypto trading platform.
Over 70 DASPs have already been approved to operate in the country, including Bitstamp, Societe Generale Forge, and the French division of Luno.
In May 2022, Binance obtained a French license, marking its first DASP in Europe, as stated by the company.
Binance CEO, Changpeng Zhao, confirmed that by September 2022, the world’s largest crypto exchange had recruited 150 individuals for its Paris operations.
Check out our previous article in order to learn more details about this.
