DUBAI, United Arab Emirates, March 28, 2024 (GLOBE NEWSWIRE) -- OKX, a leading global Web3 technology company and crypto exchange, today announced the release of its latest Proof of Reserves (PoR) report, showcasing a total of USD22.1 billion in primary assets backing user funds.
This marks the 17th consecutive month of the exchange's Proof of Reserves (PoR) reports, which highlight the reserve ratios of the 22 most frequently traded assets on OKX: BTC, ETH, USDT, USDC, XRP, DOGE, SOL, OKB, APT, DOT, ELF, EOS, ETC, FIL, LINK, LTC, OKT, PEOPLE, TON, TRX, UNI and BCH. As with its previous reports, OKX's 17th PoR reveals reserve ratios of over 100% for all of these assets, ensuring that user funds are backed 1:1.
The current reserve ratios for OKX's primary assets are as follows:
- BTC: 102%
- ETH: 104%
- USDT: 106%
- USDC: 110%
OKX Global Chief Commercial Officer Lennix Lai said: "Our 17th consecutive PoR reinforces our commitment to trust-building and transparency in the crypto ecosystem. As global crypto adoption accelerates, we believe mechanisms like PoR, which aim to enhance security and transparency, will play a critical role in onboarding the next wave of users. At OKX, we remain dedicated to providing users with trustworthy tools to navigate the new financial landscape confidently."
Since the inception of its program, OKX has introduced various updates and improvements to its PoR based on user feedback, garnering the highest quality rating among major exchanges by blockchain expert Nic Carter. In 2023, OKX incorporated the Zero-Knowledge Scalable Transparent Argument of Knowledge (zk-STARK) technology into its PoR process, a technology that enables users to independently verify the solvency of the exchange while ensuring the backing of their assets by the reserves, with no compromise on privacy.
Users can view and interact with OKX's PoR here.
For further information, please contact:
Media@okx.com
About OKX
OKX is a leading global crypto exchange and innovative Web3 company. Trusted by more than 50 million global users, OKX is known for being one of the fastest and most reliable crypto apps in the world.
As a top partner of English Premier League champions Manchester City FC, McLaren Formula 1 and Olympian Scotty James, OKX aims to supercharge the fan experience with new engagement opportunities. OKX is also the top partner of the Tribeca Festival as part of an initiative to bring more creators into web3.
The OKX Wallet is the platform's latest offering for people looking to explore the world of NFTs and the metaverse while trading GameFi and DeFi tokens.
OKX is committed to transparency and security and publishes its Proof of Reserves on a monthly basis.
To learn more about OKX, download our app or visit: okx.com
