- OKX publishes proof of reserves showing 8.9b USD in BTC, ETH and USDT
- Latest Proof of Reserves system upgrades transparency by making OKX’s full liability Merkle tree publicly available, safeguards user privacy via technical solution
VICTORIA, Seychelles, March 21, 2023 /PRNewswire/ — OKX, the world’s second-largest crypto exchange by trading volume and a leading Web3 technology company, today published its fifth monthly Proof of Reserves (PoR) showing $8.9 billion USD held by the exchange in BTC, ETH and USDT.
OKX’s latest PoR report demonstrates the power of technology-based ‘future tools’ to earn user trust, particularly at times when turmoil in the financial sector highlights the need for transparency.
Current OKX reserve ratios:
BTC: 103%
ETH: 103%
USDT: 102%
OKX also upgraded the transparency of its Proof of Reserves system by making full liabilities, or total balance of user deposits, visible to the public. This allows anyone to download the full liability Merkle tree as opposed to the previous system, which showed a user’s own liabilities but obscured data from other users. To safeguard user privacy, OKX splits and shuffles account liabilities in the tree using a technical solution called ‘splitting leaf nodes’.
OKX Managing Director of Global Institutional Lennix Lai said: “In times of uncertainty, transparency is paramount and users need to have access to crypto-native tools that prove an exchange’s reserves on the blockchain unequivocally. OKX is continuously enhancing our approach to exceed market standards and achieve real-time, trustless verification of reserves, liabilities and solvency. This kind of dynamic, on-demand audit could be fundamental to a next generation financial system, and is very relevant given the heavy scrutiny the current banking system is experiencing.”
Users are able to view OKX’s March PoR online, including reserve ratios for new and historical data. Reserves and liabilities can be self-verified on the OKX website using open-source 3rd party verification tools.
OKX will soon upgrade its PoR further with zero-knowledge proof technology, a tamper-proof cryptographic approach that allows users to verify all client deposits are accounted for and guarantees solvency by comparing net equity of user assets to exchange reserves.
OKX has published thousands of addresses for its Merkle Tree PoR program, and will continue to use these addresses to allow the public to view asset flows. The OKX PoR protocol is open source and available to the public on Github. Additional OKX holdings can be viewed on the OKX Nansen Dashboard.
For the third month in a row, third-party data again shows that OKX holds the largest 100% clean asset reserves among major exchanges.
As part of its commitment to transparency, OKX will continue to publish PoR monthly.
For further information, please contact: media@okx.com
About OKX
OKX is the second largest crypto exchange by trading volume and a leading Web3 ecosystem. It is known for being the fastest and most reliable crypto trading app for investors and professional traders everywhere.
As a top partner of English Premier League champions Manchester City F.C., McLaren Formula 1, golfer Ian Poulter, 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.
Beyond OKX’s exchange, 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.
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, or hold 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. Please consult your legal/tax/investment professional for questions about your specific circumstances.
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SOURCE OKX
