OKX Publishes 13th Consecutive Proof of Reserves (PoR) with USD14.5 Billion in Primary Assets, Over 1m Users View Reserves
HONG KONG, Nov. 29, 2023 /PRNewswire/ -- OKX, a leading global Web3 technology company and crypto exchange, today published its 13th monthly Proof of Reserves (PoR) report, demonstrating USD 14.5 billion in primary assets backing user funds. Since the launch of OKX's PoR program in late 2022, over one million users have viewed the reserves data or verified that their assets are backed 1:1.
OKX's latest Proof of Reserves (PoR) report outlines a reserve ratio of over 100% for 22 of the most commonly used assets on the platform, including BTC, ETH, USDT and USDC. This is the 13th consecutive month that OKX has maintained a reserve ratio of 100% or higher for each of these assets.
OKX's current reserve ratios are as follows:
- BTC: 103%
- ETH: 103%
- USDT: 102%
- USDC: 104%
OKX Global Chief Commercial Officer Lennix Lai said: "Our Proof of Reserves program continues to set the industry standard for transparency and trust. By consistently publishing monthly reports and incorporating user feedback and best practices, we are demonstrating OKX's ongoing commitment to providing the most secure and reliable crypto platform. OKX is proud to lead the way in reshaping the crypto space and building a trustless system for the future."
This month marks the first time OKX added USDC to its Proof of Reserves (PoR) report's "primary asset" figure, highlighting the growing prominence of Circle Internet Financial's (Circle) stablecoin on the exchange. On September 7, OKX and Circle jointly announced the introduction of advanced USDC features on the OKX Wallet and OKX DEX aggregator. These features enable gas-free USDC transactions on OKX Wallet without network fees and integrate the OKX DEX aggregator with Circle's Cross-Chain Transfer Protocol (CCTP).
Over the past year, OKX has continuously enhanced its PoR program based on user feedback and industry best practices. For example, OKX introduced Zero-Knowledge Scalable Transparent Argument of Knowledge (zk-STARK) technology to its PoR process in April 2023. This addition allows users to verify the exchange's solvency on their own and ensure that their assets are backed by its reserves, all while maintaining their privacy.
OKX also recently received the highest quality rating among major exchanges from renowned blockchain expert Nic Carter, solidifying its position as a leader in the crypto industry. This recognition reflects OKX's continuous commitment to enhancing its Proof of Reserves (PoR) program and ensuring transparency and user trust in the exchange.
Last month, OKX celebrated the one-year anniversary of its PoR program and released a video advocating for Proof of Reserves as an industry standard. The video featured OKX's senior executives alongside influential voices such as Nic Carter (Castle Island Ventures), Scott Melker (The Wolf of All Streets), Sandeep Nailwal (Polygon), Jason Yanowitz (Blockworks) and Zak Brown (McLaren F1 Team).
Users can view OKX's latest PoR report, reserve ratios and verify the exchange's solvency here.
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About OKX
OKX is a leading global crypto exchange and innovative Web3 company. Trusted by more than 50 million global users, OKX is known for being one of the fastest and most reliable crypto apps in the world.
As a top partner of English Premier League champions Manchester City FC, McLaren Formula 1, Olympian Scotty James, and F1 driver Daniel Ricciardo, OKX aims to supercharge the fan experience with new engagement opportunities. OKX is also the top partner of the Tribeca Festival as part of an initiative to bring more creators into web3.
The OKX Wallet is the platform's latest offering for people looking to explore the world of NFTs and the metaverse while trading GameFi and DeFi tokens.
OKX is committed to transparency and security and publishes its Proof of Reserves on a monthly basis.
To learn more about OKX, download our app or visit: okx.com
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