Features TheBitTimes.com

Crypto exchange OKX, a well-known exchange, has published its eighth consecutive monthly report on proof-of-reserves (PoR). The report reveals the balances of BTC, ETH, and USDT held by OKX, totaling a significant amount of $11.3 billion. According to the report , OKX has maintained a reserve ratio of over 100% for eight month s. The PoR report includes various assets such as USDC, XRP, DOGE, SOL, OKB, APT, DASH, DOT, ELF, EOS, ETC, FIL, LINK, LTC, OKT, PEOPLE, TON, TRX, and UNI, in addition to BTC, ETH, and USDT. Hot Off The Press #OKX is proud to publish our June 2023 #ProofOfReserves report . This is our 8th consecutive monthly report showcasing 100% reserve ratios for 22 assets including $BTC, $ETH, $USDT, and more. Dont trust, verify: https://t.co/y9XDAPkjZT pic.twitter.com/DlQSWsjQI2 — OKX (@okx) June 28, 2023 BTC, ETH, and USDT show reserve ratios of 103% each, indicating that OKX holds more reserves than the amount of cryptocurrencies owned by its users. OKX p...

Tether CTO Paolo Ardoino believes that USDT is becoming the “safest asset to hold in the world” amid the banking crisis. Cryptocurrency firm Tether, which issues the stablecoin USDT (USDT), expects to make a $700 million profit in the first quarter of 2023, matching the profits of the last quarter of 2022, Tether chief technology officer Paolo Ardoino told Cointelegraph at Paris Blockchain Week 2023. “I don’t have the final figures yet, but the profit of this quarter will probably match the last quarter of 2022,” Ardoino said, adding that in Q4 2022, Tether generated $700 million of profits. He added that Tether also has an “addition to that $950 million” at Dec. 31, 2022, noting: “So it means that our company equity will grow to $1.5 billion or $1.7 billion that are on top of the reserves that we have that are backing 100% of the assets.” Tether CTO went on to say that USDT is becoming more the “safest asset to hold in the world” because the company is different from the banks that a...