Digital assets firm OKX has recently released its 24th consecutive Proof of Reserves (PoR) report, reportedly showcasing $20.3 billion in primary assets.
As noted in the update from OKX, this latest report marks the two-year anniversary of their PoR program, which the company claims sets them apart as one of the few exchanges that “consistently” releases PoR reports on a monthly basis.
To mark the two years of their PoR program, OKX have reportedly launched an educational video on “How to Verify Proof of Reserves.”
According to the digital assets firm the explainer is aimed at encouraging customers to engage with their PoR tool, putting into practice the crypto community’s ethos of “Don’t Trust, Verify.”
To date, OKX claims that more than 2 million people have “interacted with their PoR verification tool.”
Their PoR program is a said to be key component of their comprehensive security framework, which includes:
- Advanced encryption technologies and strict access controls
- A robust incident response plan
- A multi-billion-dollar insurance fund, serving as a dedicated reserve pool to protect customers from excessive loss and auto-deleveraging for specific trading products
- Advanced, AI-powered safety tools, such as SkyNet, an AI blockchain scanning tool that identifies and flags malicious actors
OKX also noted that they now continue to maintain “over 100%” reserve ratios for 22 of the most frequently traded assets on their platform; the current reserve ratios for primary assets on their platform are:
- BTC: 104%
- ETH: 102%
- USDT: 106%
- USDC: 100%
OKX further explained that their approach to PoR has been continuously improved, and has received the highest quality rating among major exchanges by blockchain professional Nic Carter.
This past month, they demonstrated their commitment to continuous improvement by significantly optimizing our PoR process, leading to a reduction in the “proof file size from 2.55GB to 598KB.”
This enhancement not only allows for faster and more “efficient verification but also reflects ongoing efforts to refine and strengthen our PoR program.”
For additional details about their PoR and other security measures, check here.
