In an ongoing effort to maintain transparency in the crypto sphere, OKX has published its ninth consecutive monthly Proof of Reserves (PoR). The latest PoR indicates a substantial balance of $11.3 billion, majorly in Bitcoin (BTC), Ethereum (ETH) and Tether (USDT).
One of the world's largest cryptocurrency exchanges by trading volume maintained the reserves it reported a month ago and increased them by $1.3 billion over the past two months.
OKX Publishes New Proof of Reserves Report
The crypto exchange's PoR is not confined to BTC, ETH and USDT mentioned above. It extends to 22 popular digital assets, including USDC, XRP, DOGE, SOL, LTC and many others. OKX has consistently exceeded its 100% reserve ratio across these assets for the past nine months, maintaining the stability of its assets.
OKX's reserves are principally stored in off-chain cold storage. The company has observed significant user engagement with its PoR, noting hundreds of thousands of user interactions with its PoR page and the self-audit tool since its inception in late 2022.
PoR reports became popular after the collapse of the FTX exchange in November 2022 and were intended to reassure users who were panicking about withdrawing their funds from decentralized exchanges. As part of the report, the exchange shows how many assets it holds and what liabilities it retains against its users. To enhance its credibility, the PoR should be prepared by an outside company and repeated regularly.
"Public-facing disclosures of both reserves and liabilities are essential to ensure long-term accountability in our industry," Lennix Lai, the Global Chief Commercial Officer at OKX, commented on the commitment to regulatory disclosures.
???? Hot off the press ????We’re proud to publish our July 2023 #ProofOfReserves report.This is our 9th consecutive monthly report showcasing ≥100% reserve ratios for 22 assets, including $BTC, $ETH, $USDT, and more.Don’t trust, verify: https://t.co/NofJe7XPvO pic.twitter.com/TxORYyk3lw
— OKX (@okx) July 26, 2023
"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."
Furthermore, the company currently maintains a reserve ratio of 103% across BTC, ETH, and USDT. In tandem with publishing its monthly PoR, OKX has made the public more than 210,000 addresses linked to its PoR program.
OKX Boosts Crypto Reserves by $3.8b in 2023
Although the value of OKX's reserves compared to the June report remains unchanged, they have increased $1.3 billion compared to May. Since the beginning of 2023, OKX has increased its cryptocurrency reserves $3.8 billion, from $7.5 billion, which was reported at the beginning of the year as $11.3 billion in July.
In addition, OKX is applying for a French digital asset service provider (DASP) license to establish itself as a regional hub in the country. In the meantime, OKX is making its presence felt in other regions of the world. The exchange, which already has authorization in the Bahamas and a temporary license in Dubai, plans to apply for a license for digital assets in Hong Kong. Also, OKX has already opened an office in China's self-administrative region. After just one month Hong Kong legalized crypto, and OKX scooped up more than 10,000 new users.
This article was written by Damian Chmiel at www.financemagnates.com.
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