Bitcoin

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Leading the crypto industry as the second largest exchange, as recognized by <a href="https://defillama.com/cexs">DefiLlama</a>, OKX has provided an insight into its considerable reserves of widely known cryptocurrencies, in particular XRP and <a href="https://u.today/thousands-of-bitcoin-btc-acquired-by-insiders-just-before-epic-grayscale-v-sec-ruling">Bitcoin (BTC)</a>. This recent release of a <a href="https://www.okx.com/ru/proof-of-reserves/detail">proof-of-reserves report</a> emphasizes OKX's robust position on the crypto market.
The report discloses that OKX currently holds a substantial 138,584 BTC in its wallets, reflecting a valuation of approximately $3.78 billion at present market rates. Impressively, these reserves translate to a coverage of user assets amounting to 102%, underscoring the exchange's commitment to security.
This same level of coverage extends to <a href="https://u.today/ripple-sells-millions-of-xrp-as-sec-loses-to-another-crypto-giant">XRP</a> user assets on OKX. The exchange's hot wallets contain a total of 176.162 million tokens, equivalent to about $92.89 million based on the prevailing prices. This positioning places XRP as the fifth-largest asset on OKX in terms of reserves, following Bitcoin, <a href="https://u.today/massive-new-ethereum-update-here">Ethereum</a>, and stablecoins USDT and USDC.
<blockquote>
 Don't trust, verify.We just published our 10th consecutive monthly proof of reserves showing USD$10.4 billion in BTC, ETH and USDT reserves.You can use our self audit tool to see <a href="https://twitter.com/hashtag/OKX?src=hash&amp;ref_src=twsrc%5Etfw">#OKX</a>'s reserves any time. <a href="https://t.co/OvxHImpfN7">https://t.co/OvxHImpfN7</a>— Haider (@Haider) <a href="https://twitter.com/Haider/status/1696815732938645649?ref_src=twsrc%5Etfw">August 30, 2023</a>
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With an aggregate sum of $10.4 billion in total user assets, OKX solidifies its stance as a prominent player in the crypto domain. While securing second place in terms of assets, it trails behind the largest player, <a href="https://u.today/former-sec-official-predicts-rare-twist-in-binance-v-sec-lawsuit">Binance</a>, which is estimated to hold about $59.827 billion.
The disclosure of such substantial reserves underscores OKX's role in facilitating crypto trading globally. However, it is important to remember a key principle in this market: "Not your keys, not your crypto," emphasizing the significance of individual control over one's assets in this dynamic industry.

Jaw-Dropping XRP and Bitcoin (BTC) Reserves Disclosed by Top-Tier Crypto Exchange

U_Today

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