OKX sets industry standard with 10th consecutive monthly Proof of ReservesIn a move that underscores its commitment to transparency and security, OKX, a global leader in Web3 technology and cryptocurrency exchange, has released its 10th consecutive monthly Proof of Reserves (PoR) report. The report reveals that the exchange holds $10.4 billion in primary assets, making it the only major crypto exchange to achieve this milestone.
A Benchmark in transparency: OKX’s 10th consecutive PoR
OKX’s latest PoR report covers 22 commonly traded digital assets, including Bitcoin (BTC), Ethereum (ETH), and Tether (USDT), among others. The report shows that OKX has maintained a reserve ratio exceeding 100% across all these assets for ten months. Specifically, the reserve ratios for BTC, ETH, and USDT stand at 102%, 102%, and 103%, respectively.
This accomplishment is particularly significant in an industry where transparency and trust are paramount. OKX has set a new standard by becoming the only major crypto exchange to release ten consecutive monthly PoR reports. The exchange has seen a 38% increase in assets under management since it began publishing these monthly snapshots. Lennix Lai, OKX Global Chief Commercial Officer, stated, “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.”
Community sentiment: The importance of PoR and transparency
To gauge the sentiment of its user community, OKX conducted two Twitter surveys focusing on the importance of PoR and transparency. The results were overwhelmingly positive, with 84% of respondents indicating that monthly PoR reports are either ‘somewhat important’ or ‘very important.’ Additionally, 88% stated that transparency is either ‘somewhat important’ or ‘very important’ when choosing a crypto platform to trust.
These numbers are not just statistics; they represent a growing demand for accountability in the crypto space. As more people invest in digital assets, transparent operations from exchanges become increasingly crucial. OKX’s consistent PoR reports are a step in the right direction, meeting the community’s call for openness and accountability.
Open-source verification and plans
OKX has also developed an open-source verification tool that allows users to verify the exchange’s solvency independently. This tool lets users confirm that their assets are backed by OKX reserves while maintaining privacy. Since launching its PoR page in late 2022, hundreds of thousands of users have visited the page and viewed their self-audits.
The exchange has published over 210,000 addresses for its PoR program and will continue to allow the public to view its asset flows. Lai added, “At OKX, we take user feedback to heart and will continue to invest in future tools for security and transparency to continue earning user trust.”
Conclusion
OKX’s commitment to transparency and security sets it apart in a rapidly evolving crypto landscape. Its 10th consecutive monthly PoR report establishes a new industry standard and resonates with the growing demand for accountability in the crypto space. As OKX continues to innovate and invest in tools that enhance security and transparency, it is clear that the exchange is not just meeting but exceeding user expectations. With its latest PoR, OKX has once again proven it is a trustworthy platform committed to safeguarding its users’ assets and interests.
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