- OKX reveals user Bitcoin holdings have decreased.
- Ethereum holdings increased significantly for users.
- Commitment to full reserve backing reiterated.
The 32nd Proof of Reserves report by OKX highlights a notable drop in Bitcoin holdings amounting to 120,804 BTC, a decrease from the previous month. User Ethereum holdings, however, demonstrated an increase, rising by 110,153 ETH, indicating a shift in user engagement and asset management on the platform.
OKX maintains a minimum of a 100% reserve ratio across major cryptocurrencies. The report assures BTC holdings at 105% and ETC at 107%, reinforcing OKX’s dedication to full reserve backing. This continuous commitment aims to sustain trust among regulators and users. As Star Xu, CEO of OKX, states:
“Our commitment to a 1:1 reserve ratio and monthly Proof of Reserves reports sets a high standard for the crypto industry, demonstrating our dedication to preventing the insolvency of our platform and the accuracy of our customer funds and net balances. This is critical for building trust with regulators and fostering a healthy and sustainable crypto ecosystem.”
The detailed asset breakdown also shows a decrease in USDT holdings, reflecting broader trends possibly prompted by market volatility or changing user preferences. The Proof of Reserves uses zk-STARKs, offering cryptographic verification to bolster user trust and reliability.
The evolving landscape presents potential shifts in the cryptocurrency market. With reserve transparency, OKX sets a model in addressing regulatory expectations and enhancing market confidence. No new funding or direct leadership statements accompanied the recent Proof of Reserves release.