Global Web3 firm OKX’s 10th monthly Proof of Reserves report reveals $10.4 billion in assets, Twitter polls show high importance of transparency, and the exchange maintains over 100% reserve ratio.
Key Points
- OKX releases 10th consecutive Proof of Reserves report, revealing holdings of $10.4 billion in assets including BTC, ETH, USDT.
- Twitter polls show 84% find monthly PoR reports important; 88% see transparency as crucial for choosing a crypto platform.
- OKX maintains reserve ratio above 100% for 10 months; BTC, ETH, USDT ratios at 102%, 102%, and 103%.
- Hundreds of thousands engage with OKX’s open-source verification tool; 210,000 addresses in PoR program.
OKX, a global Web3 technology firm and cryptocurrency exchange, has released its 10th consecutive monthly Proof of Reserves (PoR) report, revealing its impressive holdings of USD$10.4 billion in primary assets, including Bitcoin (BTC), Ethereum (ETH), and Tether (USDT).
To gauge public sentiment regarding PoR reports and transparency, OKX conducted two Twitter polls. The results were significant, with 84% of respondents considering monthly PoR reports to be either ‘somewhat important’ or ‘very important.’
Additionally, a whopping 88% of respondents indicated that transparency is a crucial factor in selecting a cryptocurrency platform.
Don’t trust, verify.
We just published our 10th consecutive monthly proof of reserves showing USD$10.4 billion in BTC, ETH and USDT reserves.
You can use our self audit tool to see #OKX‘s reserves any time. https://t.co/OvxHImpfN7
— Haider (@Haider) August 30, 2023
OKX Maintains a Reserve Ratio Above 100%
The August PoR report from OKX covers 22 commonly traded digital assets and demonstrates the exchange’s remarkable feat of maintaining a reserve ratio above 100% for ten consecutive months.
As of now, the reserve ratios for BTC, ETH, and USDT stand at 102%, 102%, and 103% respectively.
Lennix Lai, OKX Global Chief Commercial Officer, highlights the correlation between the 38% increase in assets under management on OKX and the company’s focus on transparency, as indicated by their monthly PoR reports.
Hundreds of Thousands Engage with OKX’s Open-Source Verification Tool
Since the launch of its PoR page in late 2022, OKX reports that hundreds of thousands of users have actively engaged with its open-source verification tool.
This tool allows users to independently verify the solvency of OKX while ensuring their privacy. More than 210,000 addresses have already been made public for OKX’s PoR program.
Concluding Thoughts
OKX has made a commitment to continue publishing monthly PoR reports, demonstrating its dedication to operational transparency.
Furthermore, the company is in the process of developing user verification tools that will enable users to verify OKX’s solvency and asset backing.
With over 50 million global users, OKX is renowned for its crypto trading services and has established a reputation for regularly publishing its Proof of Reserves to maintain operational transparency
