OKX Maintains 100%+ Reserve Ratio For Eighth Consecutive Month
OKX, the second-largest cryptocurrency exchange in terms of trading volume and a leading Web3 technology company, has once again demonstrated its commitment to transparency and security by publishing its eighth consecutive monthly Proof of Reserves (PoR). The report reveals a robust reserve of USD$11.3 billion in 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
OKX’s Proof of Reserves
The PoR, which encompasses 22 popular digital assets, showcases OKX’s consistent maintenance of a reserve ratio surpassing 100% for the past eight months. Alongside BTC, ETH, and USDT, the PoR includes assets such as USDC, XRP, DOGE, SOL, OKB, APT, DASH, DOT, ELF, EOS, ETC, FIL, LINK, LTC, OKT, PEOPLE, TON, TRX, and UNI.
To ensure the utmost security for users’ digital assets, OKX primarily stores the majority of its reserves in off-chain cold storage. This approach offers the highest level of protection against potential threats. Since the initial release of its Proof of Reserves, OKX has witnessed a substantial number of users engaging with the PoR, visiting its dedicated page, and reviewing their own self-audits. Currently, OKX’s reserve ratios stand as follows: BTC: 103% ETH: 103% USDT: 103%
Commitment to Transparency
Lennix Lai, the OKX Global Chief Commercial Officer, emphasized the company’s core principles of security, transparency, and trust. Lai stated, “That’s why we’re committed to operating with complete transparency and providing regular PoR audits that users can independently verify. We hope that our efforts will raise the overall standard of the digital asset industry and establish new benchmarks for transparency and security.”
OKX intends to continue its PoR releases on a monthly basis and has made a self-audit tool available to all users following the integration of Zero-Knowledge Scalable Transparent Argument of Knowledge (zk-STARK) technology in April 2023.
This open-source verification tool empowers users to independently verify OKX’s solvency, ensuring their assets are backed by OKX reserves while preserving their privacy. With over 210,000 addresses already published for its PoR program, OKX remains dedicated to allowing the public to scrutinize its asset flows. Users can access the latest PoR report, reserve ratios, and verify OKX’s solvency on their official platform.
