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Home Crypto News

OKX Exchange Beats Binance in Clean Reserve

Admin by Admin
January 19, 2023
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OKX exchange is considered overcollateralized in the excess reserves against user holdings in Bitcoin, Ethereum and stablecoin USDT. The BTC, ETH and USDT reserve ratios are actually at 105%, 105% and 101% respectively. 

The exchange published their exact asset mix in response to CryptoQuant’s new metric that measures “cleanliness” of reserves. 

Rival exchanges Bitfinex and Huobi, meanwhile, score 70% and 60% respectively for Clean Reserves. 

OKX tops the list at 100%. The exchange, therefore, features a total separation between coin and exchange. Despite launching its native token OKB, the Seychelles-headquartered exchange, has adequate reserves in Bitcoin, Ethereum and the stablecoin Tether (USDT), unlike its competitors that hold part of user funds or reserves in their native tokens. 

Native tokens of exchanges have faced severe criticism since the collapse of FTX exchange after its token FTT dropped from $22 to $2 in less than five days causing the platform to suffer a liquidity crisis. 

Despite the bill of clean health for its parent exchange, OKB is struggling to recover from the recent decline in its price. OKB price nosedived 5.5% in the 24-hour period between January 18 and 19 and the native token of OKX is struggling to recover from the drop.

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Source: FxStreet
Tags: BinanceOKX
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