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OKX, a globally recognized Web3 technology company, and cryptocurrency exchange, recently released its 15th monthly Proof of Reserves (PoR) report. It showcases primary assets totalling USD 14.9 billion. The report highlights an impressive 104% average reserve ratio for these primary assets. Moreover, it marks a significant milestone by incorporating Bitcoin Cash (BCH) into the PoR for the first time.
OKX Maintains 100%+ Reserve Ratios for Popular Cryptocurrencies
The PoR report includes reserve ratios for routinely traded OKX assets and BCH. These assets include USDT, USDC, BTC, ETH, XRP, OKB, APT, DOGE, SOL, DOT, ETC, FIL, ELF, EOS, LINK, PEOPLE, TON, LTC, OKT, TRX, and UNI. All of these assets have reserve ratios above 100%, providing 1:1 user money backing.
OKX’s Global Chief Commercial Officer, Lennix Lai, emphasized the PoR initiative’s commitment to industry transparency and trust. He stated that OKX is proud to lead the cryptocurrency industry’s change and establish trust. These monthly reports demonstrate the company’s commitment to reserve ratios, user input, and industry best practices.
After the PoR program, OKX improved functionality based on customer feedback. The exchange added zk-STARK to its PoR technique in April 2023. This technology helps clients independently check the exchange’s financial stability while protecting their funds.
OKX’s zk-STARK technology showcases its cryptocurrency innovation. This proactive strategy addresses industry security and privacy needs. OKX’s cutting-edge technology integration reveals its proactive platform transparency and security.
OKX Partners with Crypto Leaders to Promote Proof of Reserves
In October 2023, OKX published a video promoting Proof of Reserves (PoR) as an industry standard for its one-year anniversary. OKX executives and cryptocurrency industry heavyweights Nic Carter from Castle Island Ventures, Scott Melker from The Wolf of All Streets, Sandeep Nailwal from Polygon, Jason Yanowitz from Blockworks, and Zak Brown from McLaren F1 Team appeared in the video This partnership aimed to standardize crypto Proof of Reserves.
The Proof of Reserves (PoR) reports demonstrate the platform’s financial support, boosting user confidence. OKX supports Proof of Reserves as a generally accepted benchmark, advancing cryptocurrency’s ideal methodology debate. OKX works with industry leaders to inspire other exchanges. In this way, crypto will become more transparent and responsible. OKX leads the cryptocurrency industry in leveraging cutting-edge technologies to serve customers and the community.