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In a bid to promote transparency and trust with its customers, popular cryptocurrency exchange OKX shared its Proof of Reserve (PoR) which showed massive holdings of XRP, Dogecoin (DOGE) and Solana (SOL).
XRP, DOGE and SOL Take the Spotlight
According to the data shared by OKX, its XRP holdings come in at 327,872,491 units, a figure that far outstrips the 321,519,909 that belong to its users. This OKX balance and user balance reserve ratio comes in at 102%.
A similar boost was seen for Dogecoin, the industry’s largest memecoin which marked a 101% reserve ratio. User's DOGE holdings come in at 4,225,024,214 units with actual Dogecoin held in OKX’s wallets coming in at 4,267,347,550.
Despite the network strains experienced by Solana, OKX proved to its users that irrespective of the trend, it can redeem all their withdrawal requests. With a SOL reserve ratio of 104%, the exchange posted 5,297,256 SOL in its wallets to counterbalance its users’ 5,104,503 SOL.
Being able to meet a user's withdrawal request is now a major yardstick to gain a customer base. Sharing reserve reports on occasion has become a norm for trading platforms that hope to forestall the FTX-like implosion that stemmed out of a lack of accountability.
Beyond OKX, Binance Shows Leadership
It is worth noting that Binance Exchange pioneered the release of the reserve assets, a tradition it still holds dearly to date. Just like OKX, Binance also reported on a very robust Dogecoin, XRP and Shiba Inu reserve when it released its Proof-of-Reserve (PoR) earlier this month.
With the competition in the broader crypto ecosystem tightening across the board, communities are beginning to place a premium on these transparency reports. Potentially, regulators might also demand these reports as a key basis to guide the industry in the near future.