OKX, the second-largest crypto exchange, releases its seventh monthly Proof of Reserves (PoR) report, demonstrating $10 billion in BTC, ETH, and USDT. The report showcases OKX’s commitment to transparency and trust-building in the crypto community, leveraging zero-knowledge technology for user verification.
OKX, the second-largest cryptocurrency exchange and a prominent Web3 technology company, has released its seventh monthly Proof of Reserves (PoR) report, revealing a total of $10 billion in Bitcoin (BTC), Ethereum (ETH), and Tether (USDT). The latest PoR not only covers these three digital assets but also includes 19 other popular cryptocurrencies, such as XRP, Dogecoin (DOGE), and Solana (SOL). This move highlights OKX’s dedication to transparency and trust-building within the crypto community.
The introduction of Zero-Knowledge Scalable Transparent Argument of Knowledge (zk-STARK) technology in April 2023 has allowed users to independently verify OKX’s solvency. By leveraging zero-knowledge technology, the exchange ensures privacy by keeping the account balances of other users confidential. This feature enables users to confirm that their assets are fully backed by OKX reserves.
OKX’s current reserve ratios for BTC, ETH, and USDT are reported as 103%. These ratios indicate that the exchange holds reserves greater than the total value of these assets, further strengthening the trustworthiness of OKX in the eyes of its users.
Lennix Lai, OKX Global Chief Commercial Officer, emphasized the company’s commitment to maintaining the highest standards of security and transparency through the Proof of Reserves system. OKX aims to enhance the PoR system and streamline its use of zero-knowledge technology, viewing it as an ongoing process crucial for building and preserving long-term user trust.
To enable public scrutiny, OKX has published more than 180,000 addresses for its Merkle Tree PoR program. These addresses allow users to monitor asset flows and ensure transparency. The exchange plans to continue the monthly publication of its Proof of Reserves, reinforcing its dedication to openness and accountability.
Users can view the latest PoR report, reserve ratios and verify OKX’s solvency here.
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