Seychelles-based cryptocurrency exchange OKX published its seventh proof-of-reserves (PoR) report in line with efforts to push the new industry standard of transparency and trust within the crypto community.
The new report shows that OKX has reserves of $10 billion in bitcoin (BTC), ether (ETH), Tether (USDT), and other assets.
OKX Releases Seventh PoR Report
The audit, which was concluded on May 19, 2023, shows that OKX’s current reserve ratios are 103% for BTC, 103% for ETH, and 103% for USDT. The PoR also covers 19 other widely-used crypto assets like 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. The zk-STARK technology keeps the account balances of other parties hidden, thereby safeguarding their privacy.
The crypto exchange disclosed its intentions to implement the zk-STARK technology upgrade in March so users could verify that all clients’ deposits were accounted for by comparing the net equity of user assets to exchange reserves.
Over 30% Increase Since January
It is worth noting that the USD value of OKX’s BTC, ETH, and USDT reserves for May collectively declined by $400 million from the $10.4 billion published in April. However, the figure is 33% higher than January’s reserve, when OKX reported $7.5 million in assets.
Lennix Lai, OKX Global Chief Commercial Officer, said:
“Since late 2022, OKX has set the highest industry standards for security and transparency via Proof of Reserves. 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.”
OKX Continues Expansion
While OKX continues its push for transparency in the crypto industry, it has embarked on an expansion mission, hoping to stretch to other locations.
Last week, the Seychelles-based firm applied to become a registered Digital Asset Service Provider (DASP) in France under the Autorité des Marchés Financiers (AMF) and the Autorité de Contrôle Prudentiel et de Résolution (ACPR).
Earlier this month, OKX also revealed its plans to set up a Turkish office as it considers the country a “growing center of innovation and blockchain expertise with a user base that has a strong appetite for crypto.”
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