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 Reports Increasing Reserves
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. We see PoR as a dynamic process that is an absolute imperative to earn and maintain the trust of our users in the long run."
Last month,the crypto exchange informed that its on-demand liquidity network aimed at institutional clients, called Liquid Markets, reached a new milestone of $1 billion in trading volumes during the first three months of 2023.
OKX Eyes Hong Kong and France
One of the recent developments involves a cryptocurrency exchange applying for a French digital asset service provider (DASP) license to establish itself as a regional hub in the country. This move follows the establishment of a local subsidiary, OKX France, in April. By registering with the Autorité des Marchés Financiers (AMF), the exchange will ensure compliance with European regulations and be able to offer a range of products and services to customers in France.
Hong Fang, the President at OKX, expressed the company's commitment to expanding its reach and working closely with European regulators, highlighting the significance of their operations in France for this main purpose.
In addition to France, OKX is establishing its presence in other regions worldwide. The exchange, which already holds authorization in the Bahamas and a provisional license in Dubai, plans to apply for a digital asset license in Hong Kong. Furthermore, OKX has already opened an office in the Chinese self-administrative region.
These moves come at a time when more countries are adopting stricter regulations for cryptocurrencies, prompting exchanges worldwide to seek new jurisdictions. As reported by Finance Magnates, Binance recently confirmed the launch of a local branch in Japan to comply with the country's crypto laws.
This article was written by Damian Chmiel at www.financemagnates.com.
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