The Seychelles-registered cryptocurrency exchange OKX released its 11th consecutive monthly Proof of Reserves (PoR) report which encompasses 22 commonly used digital assets and shows balances of $11.2 billion in primary assets.
OKX is the only crypto exchange that has made it a ritual to publish PoRs for almost a year with which the platform revealed witnessed the engagement of hundreds of thousands of users.
OKX’s 11th Proof of Reserves report
As per the recently released report, OKX is overcollateralized with a reserve ratio of 102% for Bitcoin (BTC), 103% for Ethereum (ETH), and 102% for USDT.
Additionally, the crypto exchange also covers XRP, Dogecoin (DOGE), Solana (SOL), OKB, Aptos (APT), DASH, Polkadot (DOT), EOS, Ethereum Classic (ETC), Filecoin (FIL), Chainlink (LINK), Litecoin (LTC), Tron (TRX), Uniswap (UNI) among others.
The September PoR report also revealed that the USD value of its reserves has increased by more than 7.6% since August, when the crypto exchange recorded $10.4 billion in reserves.
Following the release of its 11th consecutive Proof of Reserves report, OKX Global Chief Commercial Officer Lennix Lai highlighted the exchange’s “commitment to greater transparency and trust within the crypto industry.”
“At OKX, we believe that integrity is the cornerstone of our success, and our PoR stands as a testament to our dedication to safeguarding user assets. As we approach a full calendar year of consecutive PoR releases, we have never been more committed to continuing to raise the bar for transparency in our sector.”
The latest development comes just a few days after OKX completed its 21st quarterly round of burning more than 6.1 million OKB (worth over $265 million). The event was part of its “Buy-Back and Burn” program, which was initiated in May 2019 and has resulted in the exchange removing 70 million tokens from the circulating supply.
Expansion Plans
Despite significant drawdown in the crypto market, OKX unveiled plans to broaden its footprint in Hong Kong by seeking virtual asset licenses within the new regulatory framework, in addition to pursuing Type 1 and 7 licenses under the Securities and Futures Ordinance.
The crypto exchange does not have a global headquarters; instead, it operates across several regional hubs in Hong Kong, Singapore, Dubai, and the Bahamas.
Earlier this month, the exchange also announced its intention to enter the Indian market and hire local employees to expand the possibilities of Web3 applications.
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