OKX, a leading crypto exchange, has released its ninth Proof of Reserves (PoR) report that shows a balance of $11.3 BILLION IN ETH, BTC and USDT.
According to the team, this is its best ninth consecutive monthly PoR. The PoR demonstrates that OKX has maintained a reserve ratio exceeding 100% across 22 commonly used digital assets for nine straight months.
Launched in late 2022, the PoR has seen hundreds of thousands of users. OKX notably stores most of its reserves in highly secure off-chain cold storage. The current reserve ratios include BTC:103%, ETH:103% and USDT:103%.
Commenting on the PoR OKX Global Chief Commercial Officer, Lennix Lai said:
“Public-facing disclosures of reserves and liabilities are essential to ensure long-term accountability in our industry. However, point-in-time attestations of reserve holdings mean little—instead, sustained and consistent disclosures are needed. As the industry leader when it comes to monthly PoR reporting, with more consecutive monthly snapshots than any other top exchange, our commitment to transparency is unwavering.”
OKX has become a leading crypto exchange through its trading volume and Web3 ecosystem. The exchange has over 50 million global users who have come to appreciate its reliance, efficiency and speed when trading crypto assets. The exchange envisions a future where crypto reshapes the fintech system, ultimately contributing to their user’s freedom and dignity. To aid with this, OKX offers hundreds of tokens and trading pairs. The team behind the project introduced the PoR program to further their agenda of creating a transparent and secure platform for users.
OKX has published over 210,000 addresses for its PoR program, which is accessible to the public. The OKX team hopes to continue publishing its monthly PoR. This will be done alongside a self-audit tool allowing users to confirm that OKX reserves back their assets. Users can independently verify OKX’s solvency using these tools while keeping their privacy.
OKX has formed many strategic partnerships to help provide users with a fun experience. This partnership includes partnering you with English Premier League champions Manchester City FC, Olympian Scotty James, McLaren Formula 1, F1 driver Daniel Ricciardo and Tribeca Festiva.
Users can view the latest PoR report, reserve ratios and verify OKX’s solvency here.