OKX Discloses 10th Consecutive Monthly Proof of Reserves Report
OKX, a global Web3 technology firm and cryptocurrency exchange, has released its 10th consecutive monthly Proof of Reserves (PoR) report. The report reveals that the exchange holds USD$10.4 billion in primary assets, including Bitcoin (BTC), Ethereum (ETH), and Tether (USDT).
Key Points:
- A Twitter poll conducted by OKX shows that 84% of respondents consider monthly PoR reports to be important, and 88% believe transparency is a significant factor in choosing a crypto platform.
- The August PoR report demonstrates that OKX has maintained a reserve ratio above 100% for ten consecutive months.
- Current reserve ratios for BTC, ETH, and USDT are 102%, 102%, and 103%, respectively.
- OKX’s open-source verification tool has been used by hundreds of thousands of users to independently verify the exchange’s solvency.
- Over 210,000 addresses have been made public for OKX’s PoR program.
OKX plans to continue publishing monthly PoR reports and is developing tools for user verification of its solvency and asset backing. With over 50 million global users, the firm is committed to operational transparency and maintaining the trust of its crypto trading services.
Hot Take:
OKX’s consistent publication of monthly PoR reports and its focus on transparency have garnered positive feedback from crypto users. By providing an open-source verification tool and making addresses public, OKX is giving its users the ability to independently verify the exchange’s solvency, enhancing trust and confidence in the platform.
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