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OKX Publishes Seventh Monthly Proof of Reserves, Showing USD$10 Billion in BTC, ETH and USDT

OKX Learn

Published on May 29, 2023

Updated on Apr 25, 2024

2 min read

HONG KONG SAR, May 29, 2023 - OKX, the second-largest crypto exchange by trading volume and a leading Web3 technology company, today published its seventh monthly Proof of Reserves (PoR) showing USD$10 billion in BTC, ETH and USDT.

The newest PoR, which also includes coverage of 19 other widely used digital assets, demonstrates OKX's commitment to using trustless 'future tools' to show transparency and build trust within the crypto community.

The other assets covered by OKX's PoR are: USDC, XRP, DOGE, SOL, OKB, APT, DASH, DOT, ELF, EOS, ETC, FIL, LINK, LTC, OKT, PEOPLE, TON, TRX and UNI.

Since the introduction of Zero-Knowledge Scalable Transparent Argument of Knowledge (zk-STARK) technology in April 2023, users have been able to independently verify OKX's solvency by confirming that user assets are fully backed by OKX reserves. Zero-knowledge technology also safeguards privacy by keeping account balances of other parties private.

OKX's current reserve ratios are as follows:

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

OKX Global Chief Commercial Officer Lennix Lai 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 has published over 180,000 addresses for its Merkle Tree PoR program, and will continue to use these addresses to allow the public to view asset flows. OKX also will continue to publish its PoR on a monthly basis. Users can view the latest PoR report, reserve ratios and verify OKX's solvency here.

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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