OKX, the
world’s second-largest crypto exchange by trading volume, published
its seventh monthly Proof of Reserves (PoR) report on Monday, showing $10 billion in collateral
for Bitcoin (BTC), Ethereum (ETH) and Tether (USDT).
OKX’s
commitment to transparency and trust within the crypto ecosystem is
demonstrated in the latest PoR, which covers BTC, ETH, and USDT and includes 19 other widely used digital assets, such as USDC, XRP, DOGE or
LTC.
Compared to
the PoR report published at the beginning of 2023, the reserve value for the
three largest cryptocurrencies increased by $2.5 billion from $7.5 billion.
Since adopting Zero-Knowledge Scalable Transparent Argument of Knowledge
(zk-STARK) technology in April 2023, OKX has empowered its users to verify the company’s solvency independently. This technology allows them to
confirm that their assets are fully backed by OKX’s reserves, maintaining
privacy by keeping the account balances of other parties private.
The reserve
ratios for BTC, ETH, and USDT currently stand at 103% each, as stated in the
report.
“Since late
2022, OKX has set the highest industry standards for security and transparency
via Proof of Reserves,” Lennix Lai, the Global Chief Commercial Officer at OKX, highlighted
the company’s dedication to its customers. “Our pledge to users is to further
improve our PoR system and streamline our use of zero-knowledge technology….
