Kategorie: Crypto News

• According to the proof-of-reserves report, OKX’s reserves have a total of $7.5 billion in assets.
• The assets are spread between bitcoin (BTC), USDT, and Ether (ETH).
• This is the third proof-of-reserve published by OKX exchange.

In its third attempt to offer transparency on its stability, the OKX crypto exchange has published a proof-of-reserves report that shows the exact breakdown of the assets that the exchange has in its reserves.

According to the report, the exchange has a total of $7.5 billion worth of assets in reserves which do not include its native token OKB. The price of OKB has dropped has 6.10% today to trade at $30.69 at the time of writing.

The report shows that OKX is overcollateralized by all the assets in its reserves. It has a reserve ratio of 105% for ETH, 101% for USDT and 105% for BTC.

OKX reserves are 100% clean

OKX’s proof-of-reserves report comes right on the heels of CryptoQuant developing a metric that measures the “cleanliness” of crypto exchanges’ reserves. The cleanliness is determined by how reliant the reserves are on an exchange’s native token.

Data from CryptoQuant shows that OKX’s reserves are 100% clean since they do not contain its native token. The majority of other popular crypto exchanges are far from realizing such a level of reserve cleanliness. The reserves of Binance, for example, are 87% clean, while those of Bitfinex are 70% clean and those of Huobi are 60% clean.

According to OKX’s Chief Marketing Officer, Haider Rafique, OKX has never used its native token to finance its business. In an interview with one media outlet, Rafique said:

“We’ve never used a native token to finance the company. The native token was never a big part of our business or treasury. Our native token was always designed to engage our most active customers and give them a way to seek discounts through activity on the platform.”

Rafique also revealed that OKX plans to be publishing its proof-of-reserve report every month. The exchange also plans to launch a bug bounty program that will allow developers to evaluate the reports and find out if there are any bugs in the system or with OKX that needs to be addressed.

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• The Australian stablecoin will be called AUDN.
• It will be backed one-for-one by the Australian dollar.
• Users will be able to settle transactions using blockchain technology using the stablecoin.

Despite people within the stablecoin space being extremely sceptical, especially after the collapse of the once mighty Terra UST stablecoin, entities have been launching their own stablecoin variants and the Australian Bank has joined the bandwagon.

The Australian Financial Review on Thursday reported that the National Australia Bank (NAB) is creating a stablecoin called the AUDN that will be backed by the Australian dollar. The news comes right on the heels of Iran and Russia announcing that they will develop a gold-backed stablecoin.

Anticipated AUDN launch date

According to the report, NAB anticipates launching the stablecoin mid this year.

The stablecoin will run on the Ethereum network and Algorand blockchain and will be fully backed by the Australian dollar one-for-one. It will allow Australian citizens to settle transactions using blockchain technology in real-time using the Australian dollar. Users will also be able to use the stablecoin in bond market repurchase agreements and for “green deposits” besides settling transactions and cross-border remittances.

Commenting on the development, the Chief Innovation Officer at NAB, Howard Silby, said:

“We certainly believe there are elements of blockchain technology that will form part of the future of finance. That continues to be the source of some debate. But certainly, from our point of view, we see [blockchain] has the potential to deliver instantaneous, transparent, inclusive, financial outcomes.”

Stablecoins backed by other currencies

Silby also revealed that the bank is also planning to launch several other stablecoins backed by different other currencies in jurisdictions where the bank is licensed. He said:

 “We are planning to offer stablecoins in multiple currencies in jurisdictions where NAB has licenses.”

The NAB is currently testing the stablecoin by using it to move money between subsidiaries and branches. The bank joins other Australian players like the Novatti Group which towards the end of the second quarter of 2022 confirmed it was working on its stablecoin project called AUDC stablecoin.

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• Genesis Global Capital, a crypto lending platform owned by Digital Currency Group (DCG), is said to be considering filing for bankruptcy.
• According to a Bloomberg report, Genesis is likely to file for bankruptcy this week.
• Genesis paused customer withdrawals in November, with over $900 million owed to Gemini Earn customers alone.

Troubled crypto lender Genesis Global Capital is reportedly looking to file for bankruptcy, according to the latest cryptocurrency news around the platform.

Genesis is a subsidiary Digital Currency Group, DCG, a crypto company that has over the past few weeks been one of the main topics across Crypto Twitter for its role in the troubles that now beguile its crypto lending unit. DCG also owns Grayscale and crypto publication CoinDesk.

Genesis could file for bankruptcy as early as this week

Indeed, as we recently reported, crypto exchange Gemini has accused DCG for the difficulty that it has faced since Genesis paused redemptions and loan originations in November last year. And the US Securities and Exchange Commission (SEC) has charged both Gemini and Genesis for violating the securities laws through the offerings linked to the Gemini Earn product.

Now, amid the liquidity crunch that’s bitten the company, the report is that Genesis could file for bankruptcy protection in the next few days. Sources cited in a Bloomberg report on Wednesday say the bankruptcy filing could happen before the end of the week.

Companies use Chapter 11 bankruptcy procedures as a platform that allows the embattled business time in which they can work towards salvaging assets and recouping value for creditors.

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