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OKX Introduces zk-STARK Technology to Proof of Reserves, Monthly Snapshot Shows USD10.4 bln in BTC, ETH and USDT

OKX Learn

Published on Apr 28, 2023

Updated on Apr 25, 2024

2 min read

18 additional cryptocurrencies included in OKX Proof of Reserves, available to be verified using trustless tools

HONG KONG SAR, 28 APRIL, 2023 - OKX, the world’s second-largest crypto exchange by trading volume and a leading Web3 technology company, today announced the biggest upgrade to its Proof of Reserves (PoR) yet, introducing zk-STARK zero-knowledge technology which allows users to independently verify exchange solvency and confirm their assets are backed by OKX reserves.

The latest PoR report showed USD10.4 billion in Bitcoin, Ethereum and USDT, a 39% increase since January 2023.

Zero-Knowledge Scalable Transparent Argument of Knowledge (zk-STARK) is a secure cryptographic method that verifies the accuracy and authenticity of OKX's PoR while upholding user privacy - no account balances are visible to other parties.

Current OKX reserve ratios:

BTC: 103%
ETH: 103%
USDT: 103%

For the first time, 18 additional crypto assets are available for the public to verify, bringing the total to 21.

The additional assets covered are: USDC, XRP, DOGE, SOL, OKB, APT, DASH, DOT, ELF, EOS, ETC, FIL, LINK, OKT, PEOPLE, TON, TRX and UNI.

Lennix Lai, Chief Commercial Officer at OKX, said: "Proof of Reserves is an indispensable way to demonstrate transparency and guarantee solvency, and builds user confidence and trust in the industry as a whole. OKX is committed to leading the crypto space when it comes to empowering users to verify reserves and liabilities in real time using trustless 'future tools' like Proof of Reserves."

OKX PoR has raised the bar for transparency in the industry, having published tens of thousands of addresses for its Merkle tree program. OKX is one of the only major platforms to release monthly PoR.

As part of its commitment to transparency, OKX will continue to publish PoR on a monthly basis.

Disclaimer This announcement is provided for informational purposes only. It is not intended to provide any investment, tax, or legal advice, nor should it be considered an offer to purchase, sell, or hold digital assets. Digital assets, including stablecoins, involve a high degree of risk, can fluctuate greatly, and can even become worthless. You should carefully consider whether trading or holding digital assets is suitable for you in light of your financial condition. Please consult your legal/tax/investment professional for questions about your specific circumstances.

Disclaimer

This content is provided for informational purposes only and may cover products that are not available in your region. It is not intended to provide (i) investment advice or an investment recommendation; (ii) an offer or solicitation to buy, sell, or hold digital assets, or (iii) financial, accounting, legal, or tax advice. Digital asset holdings, including stablecoins and NFTs, involve a high degree of risk and can fluctuate greatly. You should carefully consider whether trading or holding digital assets is suitable for you in light of your financial condition. Please consult your legal/tax/investment professional for questions about your specific circumstances. Information (including market data and statistical information, if any) appearing in this post is for general information purposes only. While all reasonable care has been taken in preparing this data and graphs, no responsibility or liability is accepted for any errors of fact or omission expressed herein. Both OKX Web3 Wallet and OKX NFT Marketplace are subject to separate terms of service at www.okx.com.
© 2024 OKX. This article may be reproduced or distributed in its entirety, or excerpts of 100 words or less of this article may be used, provided such use is non-commercial. Any reproduction or distribution of the entire article must also prominently state: “This article is © 2024 OKX and is used with permission.” Permitted excerpts must cite to the name of the article and include attribution, for example “Article Name, [author name if applicable], © 2024 OKX.” No derivative works or other uses of this article are permitted.

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