OKX second-largest crypto exchange in trading volume discloses proof-of-reserved (POR) report. According to POR report OKX holds substantial reserves on XRP and Bitcoin. The report was backed by Armanino LLP auditing which shows that OKX carries 138,584 Bitcoin in its wallets. The wallet is worth to approximately US$3.78 billion equating to current market prices. It represents a reserve ratio of 102% that conveys that OKX carries enough in fact more than Bitcoin to cover its user assets.
Also the report articulates that OKX holds 176.162 million of XRP in its wallet. The wallet is worth to approximately US$92.90 million. This conveys that XRP places at fifth position in OKX asset in terms of reserves, after Bitcoin, Ethereum, and stablecoins like USDC and USDT.
This POR report indicates the positive sign for OKX and its users' portfolio. The company OKX is committed to security and transparency so thereby it has gained traction of many users. Along with it the company also has funds to back up its user assets. This report is viable since it has come amid the market downturn and regulator scrutiny is happening.
The disclosure of XRP and Bitcoin reserves indicates OKX is set to trade globally. However, the POR report is a positive moment in crypto market which is demonstrating the company's dedication towards the transparency and security for its user's assets.
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