OKX, one of the top crypto exchanges, recently released its monthly reports of Proof of Reserves. It has revealed 7.5 bn dollars in assets. The report claimed that OKX is the biggest clear asset reserves spread among the major exchanges. The current reserve ratios of 105% for BTC, 105% for ETH, and 101% for Tether.
OKX Reveals Hottest P-o-R
The PoR report is a crucial part for the cryptocurrency industry, demonstrating the commitment of the exchange to enhance trustworthiness and transparency. It helps to ensure that the funds of the users are always supported by the equivalent number of assets. By maintaining such 1:1 reserves, OKX’s on-chain assets were verified to match balances with the customers.
The PoR reports are highlighting the importance of electricity usage when it comes to digital assets. As per the report, the electricity usages from the digi assets is contributing more to the GHG emissions, noise, additional pollution, and other local impacts. To reduce the impact on the environment by crypto, a lot of exchanges like OKX have taken some steps to reduce their consumption of energy.
According to the PoR study, 14,000 Bitcoin—worth more than $300 mn at the current exchange rate—were moved out of miners’ wallets in a single day. This emphasizes how crucial it is to have reliable exchanges like it to guarantee that digital assets are shielded from bad actors.
Ultimately, the OKX PoR report provides evidence of the exchange’s dedication to openness and reliability. Customers may trade digital assets in a safer and more dependable manner thanks to OKX’s verified perspective of its assets. The paper also emphasizes the necessity of trustworthy exchanges to safeguard users’ assets as well as the significance of power use and other local implications when it comes to digital assets.
