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Seychelles-based cryptocurrency exchange OKX published its seventh Proof-of-Reserve (PoR) report in line with efforts to advance a new industry standard of transparency and trust within the crypto community.
New reports Shows that OKX holds $10 billion in bitcoin (BTC), ether (ETH), tether (USDT) and other assets.
OKX Releases Seventh PoR Report
audit, which concluded on May 19, 2023, shows that OKX currently has a reserve ratio of 103% for BTC, 103% for ETH, and 103% for USDT. PoR also includes 19 other widely used crypto assets such as USD Coin (USDC), Ripple (XRP), Dogecoin (DOGE), Solana (SOL) and Tron (TRX).
Since April, users have been able to independently verify the solvency of OKX through Zero-Knowledge Scalable Transparent Arguments of Knowledge (zk-STARK) technology. The zk-STARK technology hides the account balances of other parties, thereby protecting their privacy.
The crypto exchange revealed its intention to implement the zk-STARK technology upgrade in March to allow users to verify that all customer deposits were held by comparing the net equity of user assets to exchange reserves.
An increase of over 30% since January
It is worth noting that the USD value of OKEx’s BTC, ETH and USDT reserves for May collectively decreased by $400 million from the $10.4 billion published in April. However, this figure is up 33% from January’s reserves, when OKX reported $7.5 million in assets.
Lennix Lai, Chief Commercial Officer of OKX Global, said:
“Starting late 2022, OKX has set the highest industry standards for security and transparency through Proof of Reserve. Our pledge to users is to further improve our PoR system and streamline our use of zero-knowledge technology. We view PoR as a dynamic process which is an absolute imperative to earn and retain the trust of our users in the long run.
OKX continues to expand
While OKEx continues its push for transparency in the crypto industry, it has embarked on an expansion mission in hopes of spreading to other locations.
Last week, the Seychelles-based firm applied to become a registered Digital Asset Service Provider (DASP) under the Autorité des Marchés Financiers (AMF) and the Autorité de Controle Prudentiel et de Resolution (ACPR) in France.
Earlier this month, OKEx also revealed its plans to set up a Turkey office as it sees the country as a “growing center of innovation and blockchain expertise with a user base that has a strong appetite for crypto.”
Binance Free $100 (Exclusive): Use this link to register and get $100 free and 10% off on Binance Futures for the first month. (terms).
PrimeXBT SPECIAL OFFER: Use this link to register and enter the code CRYPTOPOTATO50 to receive up to $7,000 on your deposit.
[ad_1]
Seychelles-based cryptocurrency exchange OKX published its seventh Proof-of-Reserve (PoR) report in line with efforts to advance a new industry standard of transparency and trust within the crypto community.
New reports Shows that OKX holds $10 billion in bitcoin (BTC), ether (ETH), tether (USDT) and other assets.
OKX Releases Seventh PoR Report
audit, which concluded on May 19, 2023, shows that OKX currently has a reserve ratio of 103% for BTC, 103% for ETH, and 103% for USDT. PoR also includes 19 other widely used crypto assets such as USD Coin (USDC), Ripple (XRP), Dogecoin (DOGE), Solana (SOL) and Tron (TRX).
Since April, users have been able to independently verify the solvency of OKX through Zero-Knowledge Scalable Transparent Arguments of Knowledge (zk-STARK) technology. The zk-STARK technology hides the account balances of other parties, thereby protecting their privacy.
The crypto exchange revealed its intention to implement the zk-STARK technology upgrade in March to allow users to verify that all customer deposits were held by comparing the net equity of user assets to exchange reserves.
An increase of over 30% since January
It is worth noting that the USD value of OKEx’s BTC, ETH and USDT reserves for May collectively decreased by $400 million from the $10.4 billion published in April. However, this figure is up 33% from January’s reserves, when OKX reported $7.5 million in assets.
Lennix Lai, Chief Commercial Officer of OKX Global, said:
“Starting late 2022, OKX has set the highest industry standards for security and transparency through Proof of Reserve. Our pledge to users is to further improve our PoR system and streamline our use of zero-knowledge technology. We view PoR as a dynamic process which is an absolute imperative to earn and retain the trust of our users in the long run.
OKX continues to expand
While OKEx continues its push for transparency in the crypto industry, it has embarked on an expansion mission in hopes of spreading to other locations.
Last week, the Seychelles-based firm applied to become a registered Digital Asset Service Provider (DASP) under the Autorité des Marchés Financiers (AMF) and the Autorité de Controle Prudentiel et de Resolution (ACPR) in France.
Earlier this month, OKEx also revealed its plans to set up a Turkey office as it sees the country as a “growing center of innovation and blockchain expertise with a user base that has a strong appetite for crypto.”
Binance Free $100 (Exclusive): Use this link to register and get $100 free and 10% off on Binance Futures for the first month. (terms).
PrimeXBT SPECIAL OFFER: Use this link to register and enter the code CRYPTOPOTATO50 to receive up to $7,000 on your deposit.
