OKX reassures its users and (re)publishes the backup proof

A new proof of reserve – Even if the news doesn’t actually revolve around these events, proof of reservations keep going out. And always with the same goal to reassure users and investors. All adults platforms cryptocurrency has taken the step to follow suit in recent months. However, objections to the methodologies used were quickly expressed. Therefore, the latest editions carry more new analyses comprehensive forever more transparency. One of the most active in this field is the exchange OKX who shares the third spare proof for several months. And a priori, it is not finished.

OKX is releasing a new proof of stock for a little more transparency

Once a month ! Here is the promise Heydar Rafiqamarketing directorOKX. The Seychelles platform plans to publish its status with this reservations monthly to put an end to rumors and gossip. The massively chilled platformer pulled out all the stops to win back the FTX episode trust users. Here’s what he says Heydar Rafiqa :

“Security, transparency and trust are the main principles of OKX’s business process and customer service philosophy. We have already taken a leadership position by publishing our monthly Reserve Proof. As industry standards continue to take shape this fiscal year, we expect the quality of our reserve assets to be one of many key differentiators for OKX in the market. »

But enough talk, here are the numbers in question. OKX holds its assets for a value 7.5 billion dollars BTC, ETH and USDT. As shown in the diagram below, the exchange guarantees three fundamentals cryptocurrencies in the following proportions: 105% for Bitcoin, 105% for Ethereum and 101% for USDT. Which means OKX owns more tokens rather than their customers’ deposits.

OKX proof of reserve expressed as a percentage of customer deposits – Source: OKX

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Calculation methods have been revised and improved for greater assurance

To answer to criticisms made at the end of last year which treats this evidence as audit records cut off, new rules have been applied. For example, incoming funds home signs it no longer counts. Better yet, a blockchain analytics company CryptoQuant developed a specific metric. It calculates the exchange’s dependence on popular local tokens expressed as a percentage. And OKX He is the first in the class with his result 100% ! He follows her Crypto.com with 95.49% Binance with 87.67% Kucoin with 81.26% Bitfinex with 69.85% and Huobi brings up the rear with 60.1%.

Moreover, about these tokens, Haider Rafique wanted to clarify the situation of his company with our colleagues from CoinDesk:

“We have never used a local token to fund a business. OCD has never been a big part of our business or our cash flow. Our native token has always been designed to attract our most active customers and give them a way to search for discounts through activity on the platform. »

OKX’s marketing director will conclude by noting that we always prefer to invest on the side of the company’s venture capital fund, OKX Ventures. dollars. because “It’s a very traditional fund with a very traditional format” will say. Almost everyone now wants to present the most the owner possible from the cryptocurrency industry. If possible, distance yourself as much as possible from the actions of certain past great players. This is especially because the bad news doesn’t want to stop.

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