OKX has published its fifth monthly Proof of Reserves (PoR) report, demonstrating the exchange’s holdings of BTC, ETH, and USDT, which currently stand at $8.9 billion USD. The latest PoR report also highlights OKX’s commitment to transparency, as it has upgraded its system to make its full liabilities visible to the public. The exchange has split and shuffled account liabilities in the tree using a technical solution called “splitting leaf nodes” to safeguard user privacy.
In addition, OKX’s PoR protocol is open-source and available to the public on GitHub. The exchange will also soon upgrade its PoR further with zero-knowledge proof technology, a tamper-proof cryptographic approach that allows users to verify all client deposits are accounted for and guarantees solvency.
OKX’s Managing Director of Global Institutional, Lennix Lai, stressed the importance of transparency, particularly during times of financial uncertainty, stating that “users need to have access to crypto-native tools that prove an exchange’s reserves on the blockchain unequivocally.” He also noted that OKX’s dynamic, on-demand audit could be fundamental to a next-generation financial system, which is relevant given the current heavy scrutiny the banking system is experiencing.
As part of its commitment to transparency, OKX will continue to publish PoR monthly, allowing users to self-verify reserves and liabilities using open-source third-party verification tools. The exchange’s PoR program also publishes thousands of addresses for its Merkle Tree, enabling the public to view asset flows.
It’s worth noting that digital assets, including stablecoins, involve a high degree of risk and can fluctuate greatly, and even become worthless. Therefore, users should carefully consider whether trading or holding digital assets is suitable for them in light of their financial condition.
