OKX Announces Industry Leading 10th Consecutive Monthly Proof of Reserves

    Author StockStreetNewsPosted on Categories FinancialTags , , ,
    • August PoR shows USD$10.4 billion in BTC, ETH and USDT reserves
    • Online polls show 84% of respondents see monthly PoR as important and 88% of respondents state transparency is an important factor when choosing a crypto platform

    HONG KONG, Aug. 30, 2023 /PRNewswire/ — OKX, a leading global Web3 technology company and crypto exchange, has published its industry-best 10th consecutive monthly Proof of Reserves (PoR), showing balances of USD$10.4 billion in primary assets.

    To commemorate its 10th consecutive PoR, OKX conducted two Twitter surveys to measure the sentiment of the online community with regards to the importance of PoR and transparency. Poll results showed that 84% of respondents say monthly PoR reports are either ‘somewhat important’ or ‘very important‘ and 88% state that transparency is either ‘somewhat important‘ or ‘very important‘ when choosing which crypto platform to trust. With its August PoR, OKX has become the only major crypto exchange to release ten consecutive monthly PoR reports.

    OKX’s PoR covers 22 commonly used digital assets and shows that OKX has maintained a reserve ratio exceeding 100% for ten consecutive months across all those 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: 102%
    • ETH: 102%
    • USDT: 103%

    OKX Global Chief Commercial Officer Lennix Lai said: “OKX’s ten consecutive monthly PoR snapshots have coincided with a 38% increase in assets under management on OKX, showing that our keen focus on transparency is resonating with users. We asked our community how important PoR and transparency from exchanges are to them, and the results were as expected – users continue to call for monthly PoR and greater transparency. At OKX we take user feedback to heart and will continue to invest in future tools for security and transparency in order to continue earning user trust.”

    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 late 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.

    OKX has published over 210,000 addresses for its PoR program, and will continue to allow the public to view its asset flows.

    Users can view the latest PoR report, reserve ratios, and verify OKX’s solvency here.

    ENDS

    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.

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