OKX Releases 10th Proof-of-Reserves Report
OKX, the leading cryptocurrency exchange, has published its tenth consecutive monthly proof-of-reserves (PoR) report. This makes OKX the first digital asset platform to release ten PoR reports in a row. The latest report reveals balances of $10.4 billion in primary crypto assets such as Bitcoin, Ethereum, and Tether.
Main Breakdown:
– OKX covered 22 digital assets in the latest audit, including USDC, XRP, DOGE, SOL, DOT, and OKB.
– BTC, ETH, XRP, and SOL have reserve ratios of 102%, while USDT and USDC have ratios of 103% and 100%.
– The USD value of OKX’s reserves has decreased by $1 billion since July but increased by 38% since January.
– OKX has published over 210,000 addresses for the PoR program, allowing users to view its asset flows through zk-STARK technology.
– Hundreds of thousands of users have engaged with OKX’s PoR reports and used the open-source verification tool to confirm the exchange’s solvency.
User Sentiment on PoR Reports
OKX conducted surveys to gauge the importance of reserve reports and transparency among the crypto community. Around 84% of respondents stated that monthly PoR reports are either “somewhat important” or “very important.” Additionally, 88% agreed that transparency is crucial when choosing a trusted crypto platform. OKX’s Chief Commercial Officer, Lennix Lai, emphasized the company’s commitment to user feedback and its ongoing investments in security and transparency.
Hot Take
OKX’s release of its tenth PoR report demonstrates its dedication to transparency and user trust. Monthly reports and transparency are highly valued by the crypto community, and OKX’s efforts to meet these expectations have been well-received. As the first digital asset platform to achieve this milestone, OKX sets a positive example for other exchanges to follow.
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