OKX Releases 9th Consecutive Proof of Reserves: USD$11.3 billion in Primary Assets.

OKX Releases 9th Consecutive Proof of Reserves: USD$11.3 billion in Primary Assets.

OKX Publishes Industry-Best Proof of Reserves Report

Introduction

In a recent announcement, OKX, a renowned crypto exchange and Web3 technology company, revealed its ninth consecutive monthly Proof of Reserves (PoR) report. The report showcased a staggering balance of USD$11.3 billion in BTC, ETH, and USDT, establishing OKX as a leader in the blockchain industry.

A Comprehensive Proof of Reserves

OKX’s PoR encompasses 22 commonly used digital assets, including BTC, ETH, USDT, and other popular cryptocurrencies such as XRP, DOGE, SOL, DASH, and TRX. This comprehensive approach demonstrates OKX’s commitment to transparency and its ability to maintain a reserve ratio exceeding 100% for each asset. By consistently showcasing their reserves, OKX sets an example for the industry as a whole.

The majority of OKX’s reserves are securely stored in off-chain cold storage, ensuring the safety and integrity of the assets. Despite the complexity of managing a vast range of digital assets, OKX has successfully maintained a high reserve ratio, safeguarding users’ funds.

To provide an additional layer of transparency and accountability, OKX has allowed hundreds of thousands of users to engage with its PoR. Users can visit OKX’s dedicated PoR page, where they can witness the self-audits and verify their assets’ backing by OKX reserves. This open-source verification tool empowers users to independently verify OKX’s solvency while preserving their privacy.

The Significance of Sustained Disclosures

Lennix Lai, OKX Global Chief Commercial Officer, emphasized the importance of sustained and consistent disclosures in the blockchain industry. He stated, “Public-facing disclosures of both 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.”

OKX’s commitment to transparency shines through its monthly PoR reporting, surpassing any other top exchange in consecutive monthly snapshots. By continuously publishing its report, OKX establishes itself as a reliable and trustworthy organization, fostering confidence within the crypto community.

OKX’s Future Commitment

OKX is committed to maintaining its monthly PoR reporting and will continue providing a self-audit tool to all its users. The self-audit tool empowers individuals to verify OKX’s solvency independently, reaffirming the company’s dedication to transparency and security. Furthermore, OKX has made over 210,000 addresses of its PoR program public, allowing the interested parties to observe the flow of assets.

About OKX

OKX is not just a leading global crypto exchange; it is also an active participant in the Web3 ecosystem. With a user base exceeding 50 million, OKX is renowned for being the fastest and most reliable crypto trading app. OKX has formed partnerships with prominent organizations such as English Premier League champions Manchester City FC, McLaren Formula 1, Olympian Scotty James, and F1 driver Daniel Ricciardo. These partnerships aim to enhance the fan experience through web3 engagement opportunities.

OKX’s dedication to web3 expansion extends to its role as the top partner of the Tribeca Festival, striving to bring more creators into the web3 realm. Taking a step beyond the exchange, OKX introduced the OKX Wallet, catering to those interested in exploring NFTs, the metaverse, and trading GameFi and DeFi tokens.

Conclusion

OKX’s commitment to transparency, security, and sustained disclosures has cemented its position as a leader in the blockchain industry. By continuously publishing monthly PoR reports, OKX showcases its ability to maintain a high reserve ratio, backed by extensive reserves stored in secure off-chain cold storage. OKX’s dedication to transparency and user empowerment sets a standard for the entire industry, fostering trust and confidence among its large user base.

For more information, please contact: [email protected]


Disclaimer: The information provided in this announcement is for informational purposes only and should not be considered investment, tax, or legal advice. Investing in digital assets carries a high degree of risk and can lead to significant fluctuations and potential losses. OKX is not regulated by the FCA, and therefore protections such as the Financial Ombudsman Service or Financial Services Compensation Scheme are not applicable. Users should fully understand the workings of cryptocurrencies and assess whether trading or holding digital assets aligns with their financial condition. The value of digital assets, including stablecoins, can rise or fall, and profits may be subject to capital gains tax. Past performance does not guarantee future results. It is advisable to consult legal, tax, and investment professionals to address specific circumstances.

Contact OKX: [email protected]

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