• Sat. Feb 4th, 2023

OKX Publishes Second Proof-of-Reserves with new Features, Commits to Monthly Reports

ByPeter Oluka

Dec 26, 2022
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  • Two PoR now available in public domain

  • New features allow users to self-verify and download existing and historical data

OKX, the world’s second-largest crypto exchange by trading volume, has published its second Proof of Reserves (PoR) on its website. As part of its commitment to transparency, OKX will publish PoR monthly on approximately the 22nd day of each month.

Users now can view and self-verify the results of two PoRs on the website using open source tools.

New features for OKX’s PoR also allow users to view OKX reserve ratios for new and historical data, and when they self-verify on-chain assets, users also can now download the files containing new and historical data.

After each PoR publication, OKX users will be able to view the most recent update, as well as all historical PoR data.

Current OKX reserve ratios:

  • BTC: 101%
  • ETH: 103%
  • USDT: 101%

OKX has always maintained 1:1 reserves, and its Merkle tree PoR program covers three key assets (BTC, ETH, USDT).

The OKX Nansen dashboard covers additional assets and demonstrates that BTC, ETH and USDT make up over 90% of holdings.

To ensure the transparency of its PoR program, OKX published more than 23,000 addresses, and will continue to use these addresses to allow the public to audit asset flows. The OKX PoR protocol is open source and available to the public on Github.

“Publishing PoR results on a monthly basis strengthens our commitment to lead the industry when it comes to transparency and trust,” said OKX CMO Haider Rafique. “At OKX, we believe that PoR should be verifiable via open source tools so that users can self-verify the balances and ownership of our reserve addresses.”

What is Proof-of-Reserves?

Proof of Reserves is an audit of crypto assets that ensures the custodian (OKX) holds the assets it claims to hold on behalf of its users.

OKX uses the Merkle tree (hash tree) to prove this claim in two ways. First, users can find their balance in the tree and prove their assets are held in the total OKX balance.

Second, the total OKX balance is compared to the publicized OKX on-chain wallet balance to determine Proof-of Reserves.

OKX is trusted by more than 20 million global customers, and it is known for being the fastest and most reliable crypto trading app for investors and professional traders everywhere.

As a top partner of English Premier League champions Manchester City F.C., McLaren Formula 1, golfer Ian Poulter, Olympian Scotty James, and F1 driver Daniel Ricciardo, OKX aims to supercharge the fan experience with new financial and engagement opportunities.

OKX is also the top partner of the Tribeca Festival as part of an initiative to bring more creators into Web3.

Beyond OKX’s exchange, 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.

AIT
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Peter Oluka

Peter Oluka is the Editor, TechEconomy. Email: Peter.Oluka@TechEconomy.NG

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