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HONG KONG, June 28, 2023 /PRNewswire/ -- OKX, the second-largest crypto exchange by trading volume and a leading Web3 technology company, has published its industry leading eighth consecutive monthly Proof of Reserves (PoR), showing balances of USD$11.3 billion in BTC, ETH and USDT.
OKX's latest PoR, which covers 22 widely used digital assets, shows that OKX has consistently maintained a reserve ratio exceeding 100% for eight consecutive months. In addition to BTC, ETH and USDT, the assets included in OKX's PoR are: USDC, XRP, DOGE, SOL, OKB, APT, DASH, DOT, ELF, EOS, ETC, FIL, LINK, LTC, OKT, PEOPLE, TON, TRX and UNI.
OKX stores the majority of its reserves in off-chain cold storage, which provides the highest level of security for users' digital assets. Since releasing its first Proof of Reserves, OKX has seen hundreds of thousands of users engage with its PoR, visit its PoR page and view their self-audits.
OKX's current reserve ratios are as follows:
- BTC: 103%
- ETH: 103%
- USDT: 103%
OKX Global Chief Commercial Officer Lennix Lai said: "Security, transparency and trust are the core tenets of OKX's operating philosophy. That's why we're committed to operating with complete transparency and providing regular PoR audits that users can independently verify. We hope that our efforts will raise the overall standard of the digital asset industry and establish new benchmarks for transparency and security."
OKX will continue to publish its PoR with monthly PoR releases and a self-audit tool that was made available to all users following the introduction of Zero-Knowledge Scalable Transparent Argument of Knowledge (zk-STARK) technology in April 2023.
The open-source verification tool enables users to independently verify OKX's solvency and confirm their assets are backed by OKX reserves while upholding their privacy. To date, OKX has published over 210,000 addresses for its PoR program, and will continue to allow the public to view its asset flows. Users can view the latest PoR report, reserve ratios, and verify OKX's solvency here.
For further information, please contact:
Media@okx.com
About OKX
OKX is the second-largest global crypto exchange by trading volume and a leading Web3 ecosystem. Trusted by more than 50 million global users, OKX is known for being the fastest and most reliable crypto trading app for traders everywhere.
As a top partner of English Premier League champions Manchester City FC, McLaren Formula 1, Olympian Scotty James, and F1 driver Daniel Ricciardo, OKX aims to supercharge the fan experience with new engagement opportunities. OKX is also the top partner of the Tribeca Festival as part of an initiative to bring more creators into web3.
Beyond OKX's exchange, the OKX Wallet is the platform's latest offering for people looking to explore the world of NFTs and the metaverse while trading GameFi and DeFi tokens.
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
Disclaimer
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. OKX IS NOT REGULATED BY THE FCA, THUS, PROTECTIONS SUCH AS THE FINANCIAL OMBUDSMAN SERVICE OR FINANCIAL SERVICES COMPENSATION SCHEME WILL NOT BE AVAILABLE. YOU SHOULD CONSIDER WHETHER YOU UNDERSTAND HOW CRYPTO WORKS AND WHETHER TRADING OR HOLDING DIGITAL ASSETS IS SUITABLE FOR YOU IN LIGHT OF YOUR FINANCIAL CONDITION. THE VALUE OF YOUR DIGITAL ASSETS, INCLUDING STABLECOINS, CAN INCREASE OR DECREASE AND PROFITS MAY BE SUBJECT TO CAPITAL GAINS TAX. PAST PERFORMANCE DOES NOT INDICATE FUTURE RESULTS. PLEASE CONSULT YOUR LEGAL/TAX/INVESTMENT PROFESSIONAL FOR QUESTIONS ABOUT YOUR SPECIFIC CIRCUMSTANCES.
