OKX has $9 billion in ‘clean assets’, shows latest proof of reserves
OKX, formerly known as OKEx, has released its fifth proof-of-reserves report amid increasing demand of crypto investors asking for transparency from exchanges they trade with.
Published on its website, the updated report shows on-chain and off-chain asset balances, and a complete list of wallet addresses is available for public viewing. The fifth monthly Proof of Reserves shows $8.9 billion held by the exchange in BTC, ETH, and USDT.
Per its statement, these findings are the largest 100% clean asset reserves among major exchanges, according to third party data. OKX also pledged to release a monthly report on the 22nd day of each month to allow users to audit its reserves on a regular basis.
Audited by blockchain analytics firm CryptoQuant, OKX’s assets are considered “clean” as it doesn’t include the exchange’s own token, solely made up of high market cap assets such as BTC, ETH and USDT.
OKX’s recent proof-of-reserves features new tools that enable users to view reserve ratios for new and historical data to self-verify assets held within its platform. They will be also able to download the files containing the most recent update, as well as all historical PoR data.
The exchange also upgraded the transparency of its 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.”
OKX was among the first tranche of crypto exchange that provided their customers and other stakeholders with a snapshot of its reserve holdings. This came at a time when major crypto plyers come under greater scrutiny after the stunning implosion of the erstwhile second-largest global crypto exchange FTX.
