OKX Proof-of-Reserves Shows $187.5M Worth of Dogecoin (DOGE)

Crypto exchange OKX has released its eleventh consecutive monthly Proof of Reserves (PoR) report, showing balances of $11.2 billion in primary assets. With its latest report, the crypto custodian now holds $187.5 million worth of Dogecoin (DOGE) cryptocurrencies.

Proof of Reserves (PoR) is an audit system introduced to verify the total funds held by a crypto exchange. It is carried out to determine if the funds in the custody of the platform are sufficient to cover the entirety of the users’ assets. Such audits are carried out by third-party accounting firms.

PoR reports became common among centralized crypto exchanges in late 2022. It was fueled by the unprecedented downfall of FTX, a derivatives crypto exchange that was once classified among the largest crypto custodians in the world.

OKX Releases 11th PoR

OKX PoR shows that it has maintained a reserve ratio surpassing 100% for 11 consecutive months across all its 22 commonly used digital assets. The crypto custodian firm records a total Bitcoin (BTC) reserve of 102%. Ether (ETH) and Tether (USDT) have a ratio of 103% and 102%, respectively.

OKX revealed in a blog post that its PoR audit puts the platform among the crypto exchanges with “the highest quality rating,” citing a ranking by blockchain expert Nic Carter.

Notably, OKX’s first PoR audit report was published on November 22, 2023. Since then, the firm has stayed committed to publishing an updated monthly PoR audit report.

Other Exchanges Take a Similar Turn

Leading cryptocurrency exchange Binance was the first custodian to publish a Proof of Reserves audit report. At that time, the exchange displayed only BTC reserves. Progressively, it began featuring reserve reports for other cryptocurrencies. 

Binance continued publishing its PoR reports despite a hurdle it had to overcome where its PoR auditor Mazars seized work for crypto clients.

Aside from Binance, other exchanges also bolstered users’ trust by unveiling a PoR report. These exchanges include Kraken, CryptoCom, Coinbase, and others.