Prominent cryptocurrency exchange OKX has published its Proof of Reserve (PoR) report for September 2023, displaying a strong reserve of digital assets that surpasses user deposits. The practice of maintaining a reserve ratio greater than 100% has become standard following the collapse of FTX.
The report indicates that OKX holds substantial reserves of various cryptocurrencies including Ripple's XRP, Bitcoin ($BTC), Ethereum ($ETH), Tether ($USDT), OKB, and Dogecoin (DOGE). The audit reveals that the exchange has maintained a reserve ratio of more than 100% for 22 different assets.
In addition to showcasing the exchange's robust asset reserves, the report also discloses the collateralization ratios for Bitcoin, Ethereum, Tether, and USD Coin (USDC) deposits. This level of transparency is aimed at providing confidence to users regarding the security of their assets on the platform.
The September PoR report also highlights sustained user interest in XRP, despite the ongoing legal battle between Ripple Labs and the U.S. Securities and Exchange Commission (SEC). The legal dispute has not deterred users from investing in XRP on OKX's platform, as indicated by the significant holdings included in the exchange's reserves.
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