Seychelles-based crypto exchange, OKX, has published its seventh proof of reserve (PoR) report in line with its efforts to promote a new industry standard of transparency and trust in the crypto community. electronic.
The new report shows that OKX has $10 billion in reserves of Bitcoin (BTC), Ether (ETH), Tether (USDT) and other assets.
OKX ISSUES SATURDAY POR REPORT
The audit, concluded on May 19, 2023, shows that OKX’s current reserve ratio is 103% for BTC, 103% for ETH, and 103% for USDT. PoR also includes 19 other widely used crypto assets such as USD Coin (USDC), Ripple (XRP), Dogecoin (DOGE), Solana (SOL) and Tron (TRX).
Since April, users have been able to independently verify OKX’s solvency through the Zero-Knowledge Scalable Transparent Argument of Knowledge (zk-STARK) technology. zk-STARK technology helps to hide the account balances of other parties, thus protecting their privacy.
The crypto exchange has revealed its intention to launch the zk-STARK technology upgrade in March so that users can verify that all customer deposits have been accounted for by comparing equity net ownership of user assets with that of the exchange exchange.
UP MORE THAN 30% FROM JANUARY
It is worth noting that the USD value of OKX’s BTC, ETH, and USDT reserves for May has decreased by a total of $400 million from the $10.4 billion announced in April. However, the figure is higher. 33% from January’s reserves, when OKX reported $7.5 billion in assets.
Lennix Lai, OKX’s Global Chief Commercial Officer, said:
Since the end of 2022, OKX has been setting the highest industry standards for security and transparency through Proof of Reserves. Our commitment to users is to further improve our PoR system and streamline the use of zero-knowledge technology. We consider PoR to be a dynamic process that is an absolute must to win and maintain user trust in the long run.