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OKX Releases Ninth Consecutive Monthly Proof of Reserves, $11.3 Billion in Backed Assets



OKX, a leading crypto exchange, and Web3 technology company has once again proven its commitment to accountability by publishing its industry-best ninth consecutive monthly Proof of Reserves (PoR) report. 

The latest PoR reveals that OKX holds a remarkable balance of $11.3 billion in BTC, ETH, and USDT, setting a new industry record with BTC, ETH, and USDT all at 103%.

According to the crypto exchange, the report comprises a total of 22 commonly used digital assets, demonstrating that the exchange has consistently maintained a reserve ratio exceeding 100% for nine consecutive months across all the listed assets. 

Alongside popular cryptocurrencies like Bitcoin (BTC), Ethereum (ETH), and Tether (USDT), the assets included in OKX’s PoR consist of other prominent tokens such as XRP, Dogecoin (DOGE), Solana (SOL), and more.

To ensure maximum security, OKX stores the majority of its reserves in highly secure off-chain cold storage. This approach has instilled confidence among the exchange’s users, with hundreds of thousands of them engaging with the PoR page and conducting self-audits since the PoR’s introduction in late 2022.

Speaking about the report, its Global Chief Commercial Officer, Lennix Lai, said that it’s important to showcase continuous and transparent disclosures of reserves and liabilities. 

“Public-facing disclosures of both reserves and liabilities are essential to ensure long-term accountability in our industry.”

He added that the fact that one-time attestations of reserve holdings have limited value, the exchange decided to have sustained and consistent disclosure. 

Lennix also pointed out that OKX is the industry leader in monthly Proof of Reserves (PoR) reporting, with a track record of more consecutive monthly snapshots than any other top exchange. 

Since the inception of its PoR program, OKX has published over 210,000 addresses, allowing the public to scrutinize the exchange’s asset flows and verify the legitimacy of its claims. This level of openness further solidifies OKX’s reputation as a trustworthy and reputable crypto exchange.

Users who wish to view the latest Proof of Reserves report, check the reserve ratios, and independently verify OKX’s solvency can do so by visiting the PoR page on OKX’s platform. 

The open-source verification tool will empower users with the information they need to make informed decisions and participate in the crypto market with confidence.

Read also; Binance to introduce a mechanism that will help users differentiate high volatility and risk tokens

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