New features include a more detailed asset balance dashboard displaying total asset calculation methods for BTC, ETH and USDT-denominated products
VICTORIA, Seychelles, Jan. 19, 2023 (GLOBE NEWSWIRE) — OKX, the world’s second-largest crypto exchange by trading volume, today published its third monthly Proof of Reserves (PoR) showing $7.5 billion held by the exchange in BTC, ETH, and USDT, which is the largest 100% clean asset reserves among major exchanges, according to third party data.
New features included in this month’s PoR include a more detailed asset balance dashboard, allowing users to see how their total assets are calculated across products denominated in BTC, ETH and USDT.
Assets are considered “clean” in PoR when a third party analysis determines they do not include an exchange’s platform token, and are solely made up of high market cap “traditional” crypto assets such as BTC, ETH and USDT. Blockchain analytics firm CryptoQuant monitors PoR across the industry, and found OKX’s assets to be “100% clean.”
As with all OKX PoR reports, users are able to view OKX’s January PoR on its website, including reserve ratios for new and historical data. Reserves and liabilities can be self-verified with trustless tools on the OKX website.
OKX CMO Haider Rafique said: “Security, transparency and trust are core tenets of the OKX business process and customer service philosophy. We’ve already taken a leadership position by publishing our PoR monthly. As industry standards for PoR continue to take shape, we expect that our reserve asset quality will be one of many key differentiating factors for OKX in the market.”
OKX has always maintained 1:1 reserves. Current OKX reserve ratios are as follows:
- BTC: 105%
- ETH: 105%
- USDT: 101%
OKX has published more than 23,000 addresses for its Merkle Tree PoR program, and will continue to use these addresses to allow the public to view asset flows. The OKX PoR protocol is open source and available to the public on Github. Additional OKX holdings can be viewed on the OKX Nansen Dashboard.
As part of its commitment to transparency, OKX will continue to publish PoR monthly.
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What is Proof-of-Reserves?
Proof of Reserves is a report of crypto assets that ensures the custodian (OKX) holds the assets it claims to hold on behalf of its users. OKX uses the Merkle tree (hash tree) to prove this claim in two ways. First, users can find their balance in the tree and prove their assets are held in the total OKX balance. Second, the total OKX balance is compared to the publicized OKX on-chain wallet balance to determine Proof-of Reserves.
OKX is one of the world’s leading technology companies building the future of Web3. Known as the fastest and most reliable crypto trading platform for investors and professional traders everywhere, OKX’s crypto exchange is the second largest globally by trading volume.
OKX’s leading self-custody solutions include the Web3-compatible OKX Wallet, which allows users greater control of their assets while expanding access to DEXs, NFT marketplaces, DeFi, GameFi and thousands of dApps.
OKX partners with a number of the world’s top brands and athletes, including: English Premier League champions Manchester City F.C., McLaren Formula 1, The Tribeca Festival, golfer Ian Poulter, Olympian Scotty James, and F1 driver Daniel Ricciardo.
OKX is committed to transparency and security and publishes its Proof of Reserves on a monthly basis.
To learn more about OKX, download our app or visit: okx.com
This announcement is provided for informational purposes only. It is not intended to provide any investment, tax, or legal advice, nor should it be considered an offer to purchase, sell, or hold digital assets. Digital assets, including stablecoins, involve a high degree of risk, can fluctuate greatly, and can even become worthless. You should carefully consider whether trading or holding digital assets is suitable for you in light of your financial condition. Please consult your legal/tax/investment professional for questions about your specific circumstances.
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