OKX Releases Monthly Proof of Reserves, Revealing Over $10B in Reserves

OKX Proof of Reserve

OKX, the world’s second-largest cryptocurrency exchange by trading volume and a pioneer in Web3 technology, has released its latest monthly Proof of Reserves (PoR), which reveals USD$10 billion in BTC, ETH, and USDT.

OKX’s dedication to employing trustless ‘future tools’ to showcase transparency and create trust within the crypto community is on full display in the latest Proof of Reserves (PoR), which also covers coverage of 19 other frequently utilized digital assets.

USDC, XRP, DOGE, SOL, OKB, APT, DASH, DOT, ELF, EOS, ETC, FIL, LINK, LTC, OKT, PEOPLE, TON, TRX, and UNI are some of the other assets included in OKX’s PoR.

Deploying zk-STARK technology

Users have been able to independently verify OKX’s solvency by certifying that their assets are completely supported by OKX reserves since April 2023, when the company introduced Zero-Knowledge Scalable Transparent Argument of Knowledge (zk-STARK) technology. Privacy is protected in another way by zero-knowledge technology: it conceals the account balances of other parties.

Here are the reserve ratios for OKX as of right now:

  • BTC: 103%
  • ETH: 103%
  • USDT: 103%

OKX Global Chief Commercial Officer Lennix Lai stated:

“Since late 2022, OKX has set the highest industry standards for security and transparency via Proof of Reserves. Our pledge to users is to further improve our PoR system and streamline our use of zero-knowledge technology. We see PoR as a dynamic process that is an absolute imperative to earn and maintain the trust of our users in the long run.”

Moreover, OKX will continue to utilize the over 180,000 addresses it has already disclosed for the Merkle Tree PoR initiative to provide transparency into the exchange of assets with the public. OKX also announced that it is additionally going to maintain monthly PoR releases. In this section, customers may check OKX’s solvency, examine the most recent PoR report, and view reserve ratios.

Siddharth Chaturvedi