DUBAI, UAE, Jan. 31, 2024 /PRNewswire/ — OKX, a leading global Web3 technology company and crypto exchange, today announced the publication of its 15th monthly Proof of Reserves (PoR) report, showcasing primary assets amounting to USD14.9 billion, a 104% average reserve ratio of primary assets and the inclusion of Bitcoin Cash (BCH) for the first time.
In addition to BCH, OKX’s PoR report provides a comprehensive overview of the reserve ratios for some of the most commonly used assets on the platform: BTC, ETH, USDT, USDC, XRP, DOGE, SOL, OKB, APT, DOT, ELF, EOS, ETC, FIL, LINK, LTC, OKT, PEOPLE, TON, TRX and UNI.
As with its previous reports, OKX’s 15th consecutive monthly PoR reveals reserve ratios of over 100% for all of these assets. This ensures that user funds are backed 1:1.
The current reserve ratios for OKX’s primary assets are as follows:
- BTC: 102%
- ETH: 104%
- USDT: 104%
- USDC: 104%
OKX Global Chief Commercial Officer Lennix Lai said: “Our Proof of Reserves program stands as a symbol of transparency and trust in the industry. We remain steadfast in our commitment to regularly publish monthly reports, incorporate user feedback and adopt industry best practices. We take pride in leading the transformation of the crypto space and building a future system rooted in trust.”
Since the program’s inception, OKX has introduced a number of feature updates and enhancements to its PoR in response to user feedback. In April 2023, OKX incorporated the Zero-Knowledge Scalable Transparent Argument of Knowledge (zk-STARK) technology into its PoR process. This technology allows users to independently verify the solvency of the exchange while ensuring that their assets are backed by the reserves, all without compromising on privacy.
In October 2023, OKX marked the one-year anniversary of its PoR program with 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.
To learn more about OKX, download our app or visit: okx.com
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SOURCE OKX
Originally published at https://www.prnewswire.com/news-releases/okxs-15th-consecutive-proof-of-reserves-report-usd14-9-billion-in-primary-assets-including-bitcoin-cash-for-first-time-302048947.html
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