OKX Celebrates One Year of Monthly Proof of Reserves, with 12th Monthly Report Showing US$12.5bn in Primary Assets
- OKX sets industry standards over past year with new features and improvements including zero-knowledge and Merkle tree technology, plus increased asset coverage
- Industry recognition includes highest quality rating among major exchanges by expert Nic Carter
HONG KONG, Oct. 31, 2023 /PRNewswire/ -- OKX, a leading global Web3 technology company and crypto exchange, today published its industry-best 12th monthly Proof of Reserves (PoR), showing US$12.5 billion in primary assets backing user funds.
The monthly disclosure marks a full year of PoR reports, during which OKX drove the industry's adoption of new standards by adding new features and improvements such as zero-knowledge proofs, Merkle tree technology and increased asset coverage.
As a leading global voice on PoR, OKX also held monthly AMAs to engage the crypto community over the last 12 months, featuring OKX President Hong Fang, CMO Haider Rafique, Global Chief Commercial Officer Lennix Lai and moderated by well-known crypto influencers such as Nic Carter, Daniel Borovik and David Gokhshtein.
OKX's PoR covers 22 commonly used digital assets and shows that OKX has maintained a reserve ratio exceeding 100% for 12 consecutive months across all assets. In addition to BTC, ETH and USDT, the assets included are: USDC, XRP, DOGE, SOL, OKB, APT, DASH, DOT, ELF, EOS, ETC, FIL, LINK, LTC, OKT, PEOPLE, TON, TRX and UNI.
OKX's current reserve ratios are as follows:
- BTC: 103%
- ETH: 103%
- USDT: 103%
OKX's approach to Proof of Reserves has been continuously iterated and improved, and recently was given the highest quality rating among major exchanges by blockchain expert Nic Carter.
OKX consistently enhanced its Proof of Reserves in the past year. Significant milestones include:
- November 2022 - OKX First Proof of Reserves
- OKX becomes one of the first major crypto exchanges to publish Proof of Reserves
- March 2023 - Merkle Tree Upgrade
- OKX upgrades the transparency of Proof of Reserves, making the full liability Merkle tree publicly available while safeguarding user privacy
- April 2023 - zk-STARK Upgrade
- OKX introduces zk-STARK technology to Proof of Reserves, allowing users to independently verify exchange solvency and confirm their assets are backed
- April 2023 - Increased Asset Coverage
- OKX increases Proof of Reserves assets coverage to 22 popular cryptocurrencies publishing over 220,000 public wallet addresses
- September 2023 - Top-Ranked Proof of Reserves
- Expert Nic Carter ranks OKX's Proof of Reserves as "highest quality" among major exchanges
- October 2023 - One Year of Proof of Reserves
- OKX publishes its 12th monthly Proof of Reserves report, celebrating first year of industry leadership
OKX Chief Marketing Officer Haider Rafique said: "This milestone represents twelve months of strong efforts to publish hundreds of thousands of blockchain addresses, implement zero-knowledge technology to allow trustless verification and consistently listen to feedback and improve the report. I'd like to take this opportunity to encourage you, whether you're a user of OKX or not, to take a new look at our Proof of Reserves as we set the standard for a crypto industry that stands for trust and transparency, always."
OKX has seen hundreds of thousands of users engage with its PoR, visit its PoR page and view their self-audits since first launching its PoR page in November 2022. The open-source verification tool allows users to independently verify OKX's solvency and confirm their assets are backed by OKX reserves while maintaining their privacy.
Momentum around Proof of Reserves as an industry standard has been building this year, with two US Senators recently proposing mandatory PoR in the PROOF Act unveiled in October 2023.
Users can view the latest PoR report, reserve ratios, and verify OKX's solvency here.
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 the fastest and most reliable crypto trading app for traders everywhere.
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
Disclaimer
This announcement is provided for informational purposes only. It is not intended to provide any investment, tax, or legal advice, nor should it be considered an offer to purchase, sell, hold or offer any services relating to digital assets. Digital assets, including stablecoins, involve a high degree of risk, can fluctuate greatly, and can even become worthless. You should carefully consider whether trading or holding digital assets is suitable for you in light of your financial condition and risk tolerance. OKX does not provide investment or asset recommendations. You are solely responsible for your investment decisions, and OKX is not responsible for any potential losses. Past performance is not indicative of future results. Please consult your legal/tax/investment professional for questions about your specific circumstances.
SOURCE OKX
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