– OKX, a crypto exchange, announced plans to hire 1,500 new employees which would bring their total headcount up to 5,000.
– The exchange released a proof of reserves report showing $8.6 billion in ‘clean assets’ and an overcollateralization reserve ratio of 104% for Bitcoin (BTC), 104% for Ether (ETH) and 102% for USDT.
– According to CryptoQuant data, OKX has the cleanest reserve compared to Binance’s 94% and Huobi’s 61%.
OKX Plans Expansion Despite Crypto Winter
Crypto exchange OKX plans to increase headcount by 30%, growing by 1,500 people to about 5,000 over the next 12 months. OKX Director of Financial Markets Lennix Lai discusses why and how the firm is expanding despite crypto winter.
February Proof-of-Reserves Report
Data from CryptoQuant maintains that reserves are 100% clean, compared to 94% for Binance and 61% for Huobi. OKX proof of reserves for February 2023 shows it is overcollateralized with a reserve ratio of 104% for bitcoin (BTC), 104% for ether (ETH) and 102% for USDT. The exchange says that over 175,000 unique users have visited its proof-of-reserves page since it launched the initiative late last year.
Clean Assets
In January, the exchange released a report stating it had $7.5 billion in clean assets. The cleanliness of assets refers to a metric developed by CryptoQuant which measures how reliant an exchange is on its native token.OKX continues to have an entirely clean reserve according to CryptoQuant data while Binance’s “cleanliness” comes in at 94% while Huobi has 61%.
Native Token
In an interview with CoinDesk in January, Haider Rafique, OKX’s chief marketing officer said that OKX has “never used a native token to finance the company.” He added that “the native token was always designed to engage our most active customers and give them a way to seek discounts through activity on the platform.”
Conclusion
OKX continues its expansion plan despite current market conditions as it releases another successful proof of reserves report backed up by its own metrics as well as independent third party sources such as CryptoQuant data