Breaking Down OKX’s $11.3 Billion Crypto Holdings
Crypto exchange OKX, a reputable player in the field, has recently unveiled its eighth consecutive monthly proof-of-reserves (PoR) report. The document demonstrates the substantial reserves held by the platform, totaling a whopping $11.3 billion. The report is indicative of the exchange’s commitment to transparency, security, and its users’ trust.
Highlighting the Breakdown of Reserves
The proof-of-reserves report from OKX includes an array of assets including but not limited to BTC, ETH, and USDT. Other notable cryptocurrencies in the reserve are USDC, XRP, DOGE, SOL, OKB, APT, DASH, DOT, ELF, EOS, ETC, FIL, LINK, LTC, OKT, PEOPLE, TON, TRX, and UNI.
Interestingly, the report shows reserve ratios for BTC, ETH, and USDT at 103% each. This indicates that OKX holds more reserves than the amount of cryptocurrencies owned by its users.
Prioritizing Security and Transparency
In a bid to enhance security measures and stave off potential online threats, OKX prioritizes offline cold storage for its reserves. The platform’s Chief Commercial Officer, Lennix Lai, underscores the importance of security, transparency, and trust in the exchange’s operations. Lai assured users that OKX would continue to conduct regular PoR audits to maintain transparency and allow independent validation by users.
Utilizing Technology for Audits
As part of its commitment to transparency, OKX introduced a self-audit tool in April 2023 that uses zk-STARK technology. This tool enables customers to verify the solvency of OKX while ensuring the protection of their privacy.
OKX’s Future Plans for Transparency
As part of its ongoing proof-of-reserves initiative, OKX has released over 210,000 addresses. This allows the public to track the circulation of assets. OKX is planning to publish a PoR report every month, further cementing its commitment to transparency. Users can access the latest report on a dedicated site, check reserve ratios, and independently verify the platform’s solvency.
