OKX releases a proof-of-reserves report that reveals $7.5 billion in "clean assets."

According to a proof of reserves released by the exchange on Thursday, OKX has $7.5 billion in reserves, none of which include its native cryptocurrency. Although this is OKX's third proof of reserves, it is the first to display the precise split of holdings.

The research reveals that the exchange has an excessive reserve ratio, with 105% reserves for bitcoin (BTC), 105% reserves for ether (ETH), and 101% reserves for USDT.

In reaction to CryptoQuant creating a metric to gauge the “cleanliness” of reserves, OKX has decided to disclose the precise asset composition. This is referred to by CryptoQuant as an exchange's reliance on its own native cryptocurrency. According to CryptoQuant's data, OKX's reserves are entirely clean. While Huobi is 60% clean, Binance is 87% clean, Bitfinex is 70% clean, and so on.

“I personally think everyone will learn a ton over the next six months to a year. We will all stress test each others proof of reserves, hopefully in a constructive way,” According to a discussion with CoinDesk with OKX's Chief Marketing Officer, Haider Rafique. “We are all going to learn from each other and ask the hard questions - hopefully most venues have good intentions.”

Rafique claims that OKX intends to regularly release its proof-of-reserves report. Additionally, the exchange aims to start a bug bounty program that will let developers “poke” at the reports to see whether there are any systemic bugs or other issues that OKX should fix.

An alternative native token

Because of the connection between both the now-bankrupt FTX as well as its sister business Alameda Research, the so-called cleanliness of reserves is significant. As CoinDesk noted in November, FTT, a fake version of FTX, made up a sizable amount of Alameda's balance sheet. This raised several concerns over the foundation of Alameda's trading and investment capabilities.

The U.S. also announced in late December that In a petition lodged against former Alameda CEO Caroline Ellison, the Securities and Exchange Commission claimed that FTT as well as other exchange tokens are commodities since they are investment contracts. As part of her total guilty plea, Ellison is not challenging the SEC's allegations and is working with the authorities.

Although OKX does run a venture fund by the name of OKX Ventures, Rafique clarified that this company has a different balance sheet and an executive team that oversees it. Furthermore, OKX Ventures employs fiat money while making investments.

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