OKX Achieves Milestone in Transparency with 36 Consecutive Months of Proof of Reserves Reporting
OKX, a leading cryptocurrency exchange, has marked a significant milestone in its commitment to transparency and trust, completing 36 consecutive months of Proof of Reserves (PoR) reporting. This achievement demonstrates the exchange’s dedication to providing verifiable assurance to its customers, with $35.4 billion in primary assets fully backing customer funds. According to the latest report, verified by blockchain security firm Hacken, OKX’s reserves show over 100% coverage across 22 major assets, including Bitcoin (BTC), Ethereum (ETH), Solana (SOL), Tether (USDT), and USD Coin (USDC).
The milestone, which marks the third anniversary of OKX’s PoR program, also revealed a 75% year-over-year increase in total assets. This significant growth underscores the exchange’s ability to adapt and thrive in a rapidly evolving cryptocurrency landscape. Furthermore, the report highlights a sharp rise in on-chain audit participation, with user verification surging and ZK audits up 386% and “View My Audit” engagement up 123%. This trend indicates a pivotal shift in user behavior, with traders becoming more proactive in verifying the safety of their assets.
Transparency in Numbers: OKX’s Reserves Stack Up
OKX’s latest Proof of Reserves provides a detailed breakdown of its holdings, with the largest assets fully backed and exceeding industry expectations. For instance, Bitcoin has a 105% reserve ratio, meaning the exchange holds more BTC in its wallets than customers have on the trading platform. Similarly, Ethereum is backed at 102%, and Solana reserves stand at 102%. In the stablecoin sector, Tether is notably over-collateralized at 106%, while USD Coin is fully backed at 100%. This verifiable assurance extends to major altcoins, such as Dogecoin (DOGE) and Ripple (XRP), which maintain reserve ratios of 101% and 106%, respectively.
Beyond the numbers, OKX’s commitment to transparency and security is evident in its collaborations with traditional finance institutions. The exchange has recently expanded its partnership with Standard Chartered into the European Economic Area, allowing institutional clients to trade on the platform while their assets remain securely custodied with the Global Systemically Important Bank (G-SIB). This partnership effectively merges crypto exchange liquidity with the security standards of legacy finance, paving the way for further integration between the two industries.
Building Bridges to Traditional Finance
OKX’s efforts to build bridges between the cryptocurrency and traditional finance sectors are underpinned by a reinforced security framework. The exchange has secured the ISO/IEC 27001:2022 certification for information security management and the CSA STAR Level 1 attestation for cloud security. These certifications demonstrate OKX’s commitment to maintaining the highest standards of security and trust, providing customers with a safe and reliable platform for trading and storing their assets.
In conclusion, OKX’s 36 consecutive months of Proof of Reserves reporting mark a significant milestone in the exchange’s commitment to transparency and trust. With $35.4 billion in primary assets fully backing customer funds, OKX has established a new verifiable benchmark for the industry. As the cryptocurrency landscape continues to evolve, OKX’s dedication to transparency, security, and innovation will remain essential in building trust and driving growth. For more information, please visit the original source: https://crypto.news/okx-reports-35-4b-in-reserves-as-por-hits-36-months/
