Digital assets firm OKX has released its 23rd Proof of Reserves Snapshot, reporting $19.4 billion in primary assets that are said to be backing customer funds.
With the collapse of numerous crypto exchanges over the years, with FTX being among the most notable, it has become essential for digital currency exchanges to maintain transparency. While the approach and methodology used to perform proof-of-reserve audits has been criticized and/or questioned, other large exchanges such as Kraken are also committed to providing detailed proof-of-reserves reports.
In order to support greater transparency, OKX announced recently its 23rd consecutive Proof of Reserves (PoR) report whch is now live, and it is reportedly confirming $19.4 billion in primary assets backing customer funds.
Key highlights of OKX’s PoR are as follows:
This month, OKX says that they optimized their PoR process, thus helping with reducing the proof file size from 2.55GB to 598KB for quicker, more streamlined verification processes.
The digital assets exchange also maintained over 100% reserve ratios for 22 of the most frequently traded assets on their platform. This includes the following cryptocurrencies: BTC, ETH, USDT, USDC, XRP, DOGE, SOL, OKB, APT, DOT, ELF, EOS, ETC, FIL, LINK, LTC, OKT, PEOPLE, TON, TRX, UNI and BCH
As mentioned in the announcement, nearly 2 million customers have utilized their PoR tool.
There have also been a total of 950,000 public wallet addresses published this month, according to the latest update from OKX.
In addition to these updates, OKX said that there has been continued use of Zero-Knowledge Scalable Transparent Argument of Knowledge (zk-STARK) in their PoR process for improved privacy.
Their open-source PoR tool is now available via GitHub for third-party verification purposes.
Current reserve ratios for primary assets:
- BTC: 104%
- ETH: 102%
- USDT: 106%
- USDC: 101%
As OKX approaches the two-year milestone of their PoR program, they claim to remain committed to upholding “rigorous” standards of transparency.
Crypto exchange OKX also encourages customers and the broader crypto community to carefully review their latest PoR and utilize their digital verification tools.
