OKX reveals $10 billion of BTC, ETH, and USDT in latest Proof of Reserves
“We see PoR as a dynamic process that is an absolute imperative to earn and maintain the trust of our users in the long run.”
OKX has published its seventh monthly Proof of Reserves (PoR) showing USD$10 billion in BTC, ETH, and USDT, with reserve ratios of 103% each.
The newest PoR by the second-largest crypto exchange by trading volume also includes coverage of 19 other widely used digital assets: USDC, XRP, DOGE, SOL, OKB, APT, DASH, DOT, ELF, EOS, ETC, FIL, LINK, LTC, OKT, PEOPLE, TON, TRX, and UNI.
PoR as an absolute imperative to earn and maintain trust
Lennix Lai, Chief Commercial Officer at OKX, said: “Since late 2022, OKX has set the highest industry standards for security and transparency via Proof of Reserves. Our pledge to users is to further improve our PoR system and streamline our use of zero-knowledge technology. We see PoR as a dynamic process that is an absolute imperative to earn and maintain the trust of our users in the long run.”
The monthly Proof of Reserves (PoR) published by OKX aims to demonstrate the crypto exchange’s commitment to using trustless ‘future tools’ to show transparency and build trust within the crypto community.
The PoR leverages Zero-Knowledge Scalable Transparent Argument of Knowledge (zk-STARK) technology since April 2023 to allow users to independently verify OKX’s solvency by confirming that user assets are fully backed by OKX reserves. Zero-knowledge technology also safeguards privacy by keeping account balances of other parties private.
OKX has published over 180,000 addresses for its Merkle Tree PoR program, and will continue to use these addresses to allow the public to view asset flows. OKX also will continue to publish its PoR on a monthly basis.
OKX in Hong Kong and France
Last week, OKX enhanced its app to offer safe and secure spot trading of virtual assets to Hong Kong users in accordance with the requirements for virtual asset service providers (VASPs) in the jurisdiction.
The world’s second-largest crypto exchange by trading volume is entering Hong Kong with an app that allows users to buy, sell, and hold 16 major cryptocurrencies, while adhering to the standards applied to traditional exchanges in Hong Kong in terms of security, trading technology, and risk controls.
OKX set up a Hong Kong entity earlier this year for its proposed license application under Hong Kong’s new regulatory regime for VASPs as it comes into effect on 1 June 2023.
Also last week, OKX filed an application in France to become a registered Digital Asset Service Provider (DASP) under the requirements set out by Autorité des Marchés Financiers (AMF) and the Autorité de Contrôle Prudentiel et de Résolution (ACPR).
The firm said it wants to register with the AMF, following the company’s incorporation of OKX France in April, as a demonstration of its dedication to growing its European presence, with France as a significant hub.
Registration with the AMF will enable OKX to offer a suite of products and services to customers in France in full compliance with local regulations.
Regulatory-wise, OKX is currently licensed in the Bahamas and has a provisional license from VARA in Dubai.