Cryptocurrency exchange OKX has released its third proof of reserve report. While the exchange’s Bitcoin (BTC) and Ethereum (ETH) collateral rates increased, the total amount of Tether (USDT) decreased.
Via OKX official website January 18 in its proof-of-reserve report published on Bitcoin, Ethereum and Tether of their assets to coverage rates mentioned. Since the stock market’s previous reporting period overcollateralization to maintain one’s status continues seen. of the stock market bitcoin and Ethereum in its assets and collateral while the increase USDT assets decreased stood out.
In the statements made by OKX regarding the report, approximately 7.5 billion dollar worth of assets, and its assets are based on third-party reports. “100% clean asset” stated that he had the status. The term clean asset, popularized after the FTX bankruptcy, is the term for an exchange’s to local tokens on the balance sheet not to place and your assets Bitcoin, Ethereum or USDT like high market value owner liquid used in the case of assets.
BTC amount held by customers on OKX since December 5,490 BTC increase showed. On the other hand, OKX increased the total collateral rate and increased the total number of BTC in the stock market balance sheet. to 123,914 took it out. OKX BTC collateral in December, 101% while this rate was recorded as increased to 105%.
If ETH assets are to 1.1 million rising since last month 87,986 ETH increase showed. OKX total ETH count 1.2 million also in ETH by removing 105% reached the coverage ratio.
On the USDT side, the collateral rate as 101% last month, although 3.17 million USDT reserve this month to 2.9 million USDT fell. In contrast, OKX’s USDT assets appeared to have cleared some of it.