thenewscrypto.com
- The most recent PoR report includes information on 22 different digital currencies.
- OKX’s most recent report indicates that it has the longest streak of consecutive PoR releases.
Crypto exchange OKX has released its tenth Proof-of-Reserve (PoR) report to gauge its liquidity in the highly volatile market. According to the data included in the report, the exchange’s reserves of BTC, ETH, and USDT have grown to a total of $10.4 billion. OKX is one of the few exchanges that has been transparent about the reserve it maintains against client deposits.
Consecutive PoR Releases
When FTX exchange failed last year, it was revealed that co-founder and former CEO Sam Bankman-Fried (SBF) had mixed client funds. This revelation launched Binance’s practice of disclosing PoR.
OKX Global Chief Commercial Officer Lennix Lai stated:
“OKX’s ten consecutive monthly PoR snapshots have coincided with a 38% increase in assets under management on OKX, showing that our keen focus on transparency is resonating with users. We asked our community how important PoR and transparency from exchanges are to them, and the results were as expected – users continue to call for monthly PoR and greater transparency. At OKX we take user feedback to heart and will continue to invest in future tools for security and transparency in order to continue earning user trust.”
When compared to other exchanges, OKX’s most recent report indicates that it has the longest streak of consecutive PoR releases. The most recent PoR report includes information on 22 different digital currencies. The trading platform also boasted that their PoR continued to outpace customer deposits by 100% for the tenth time in a row.