OKX Releases 10th PoR Report With $10.4B in BTC, ETH, and USDT

OKX, a leading cryptocurrency exchange, has released its 10th Proof of Reserves (PoR) report revealing the presence of $10.4 billion worth of Bitcoin (BTC), Ethereum (ETH), and Tether (USDT) in its reserves. This report aims to provide transparency and assurance to users about the security and solvency of OKX.

Leading Cryptocurrency Exchange OKX Publishes its 10th Proof-of-Reserves (PoR) Report

OKX, a leading cryptocurrency exchange, has recently released its tenth proof-of-reserves (PoR) report. This achievement makes OKX the first digital asset platform to publish ten consecutive monthly PoR reports. The latest report showcases the balances of $10.4 billion in primary crypto assets such as Bitcoin (BTC), Ethereum (ETH), and Tether (USDT).

In its most recent audit, OKX covered a total of 22 digital assets, including popular cryptocurrencies like USD Coin (USDC), Ripple (XRP), Dogecoin (DOGE), Solana (SOL), Polkadot (DOT), and OKB. The reserve ratios for BTC, ETH, XRP, and SOL are reported to be 102%, while USDT and USDC have ratios of 103% and 100% respectively.

OKX’s August PoR report revealed that the USD value of its reserves has decreased by approximately $1 billion from the $11.3 billion reported in July. However, it is important to note that the reserves have seen an overall increase of 38% since January.

One significant feature of OKX’s PoR program is its use of Zero-Knowledge Scalable Transparent Argument of Knowledge (zk-STARK) technology. By employing this mechanism, OKX has been able to publish over 210,000 addresses for the PoR program. This enables users to view the asset flows while ensuring the privacy of other accounts by keeping their balances hidden since April.

The user response to OKX’s PoR reports has been overwhelmingly positive. Hundreds of thousands of users have engaged with the reports, visiting the page and conducting self-audits since the program’s launch in late 2022. The exchange has also conducted two surveys on X (formerly Twitter) to gauge user sentiment on the importance of reserve reports and transparency in the crypto community.

The survey results indicate that a significant majority of respondents view monthly PoR reports as “somewhat important” or “very important.” Additionally, a high percentage of respondents believe that transparency is a crucial factor when choosing a crypto platform to trust.

Lennix Lai, Chief Commercial Officer of OKX, acknowledged the feedback from the community and expressed OKX’s commitment to user trust and security. Lai stated, “At OKX, we take user feedback to heart and will continue to invest in future tools for security and transparency to earn user trust.”

In conclusion, OKX’s release of its tenth consecutive PoR report demonstrates its commitment to transparency and user trust. By providing regular reports on its reserves and leveraging innovative technologies like zk-STARK, OKX has solidified its position as a leading cryptocurrency exchange.

Special Offer (Sponsored)
Binance: Use this link to register and receive $100 free and 10% off fees on your Binance Futures first month (terms).
PrimeXBT: Use this link to register and enter the code CRYPTOPOTATO50 to receive up to $7,000 on your deposits.

[Word count: 345]

Leave a Comment

Google News