TL;DR
- OKX has reported a $2.6 billion decrease in its total funds, reflecting a reallocation of investor funds.
- XRP reserves on OKX have decreased by 10%, but the coverage ratio has increased to 105%, ensuring user funds.
- Hummingbot launches version 2.0 with a connector for XRP Ledger, improving automated trading efficiency and accessibility for novice users.
OKX, one of the world’s largest cryptocurrency exchanges, has released its latest monthly proof-of-reserves report, revealing a notable $2.6 billion decrease in its total funds. The decrease, which has brought its assets from $22.4 billion to $19.8 billion, reflects a trend of investors reallocating funds in a market marked by volatility.
The report highlights a 10% decrease in XRP reserves, one of the most popular cryptocurrencies. Users have reduced their holdings from 271.39 million to 249.45 million XRP tokens, equivalent to a drop in value of approximately $13.16 million. However, despite this decrease, the XRP reserves coverage ratio has increased by 3%, reaching a healthy 105%, ensuring that OKX has more than enough reserves to cover user funds.
📢 Hot Off The Press 📢
We're proud to publish our 21st consecutive #ProofOfReserves report for July 2024.
It showcases reserve ratios of over 100% for 22 assets with ~702K public wallet addresses.
Don't trust, verify: https://t.co/G9BxXQHDfk pic.twitter.com/Lsu8Ryiene
— OKX (@okx) July 25, 2024
Another key aspect of the report is the increase in stablecoin reserves, specifically USDT and USDC. USDT reserves have grown by 2.3%, while USDC reserves have seen a significant increase, rising from 783.74 million to 977.15 million. The rise in stablecoins indicates a preference for more stable and liquid assets, likely in response to market volatility and regulatory concerns.
OKX Strengthens its Stablecoins Reserves
Meanwhile, Hummingbot has launched its version 2.0, incorporating a new connector for the XRP Ledger (XRPL). This advancement significantly improves the efficiency and performance of automated trading strategies on the platform. With this update, Hummingbot continues to be an essential tool for cryptocurrency traders, facilitating a trading volume of approximately $30 billion across more than 200 exchanges in the past year. The new user interface simplifies the creation, testing, and deployment of trading bots, making these sophisticated tools accessible even to less experienced users.
In parallel, Japan’s SBI Holdings and U.S. asset manager Franklin Templeton have announced a joint venture focused on digital assets. This collaboration, in which SBI holds 51% and Franklin Templeton 49%, aims to capitalize on the growing digital asset market in Japan, especially with the potential launch of crypto ETFs. Franklin Templeton, with its extensive experience in the ETF market, brings significant credibility and knowledge to the project. SBI’s long-standing collaboration with Ripple, including the use of XRP for international transfers, suggests that an XRP-based ETF could be a future reality.
