In a significant milestone for the cryptocurrency industry, OKX has announced that it has maintained a consistent 100% reserve ratio for two consecutive years, as confirmed in its latest Proof of Reserves (PoR) report for October 2024. The exchange, which holds over $20.3 billion in user assets, showcases its commitment to financial transparency and user asset security amidst the volatility of the crypto market.
Two Years Of Trustworthy Reserves
This October marks OKX’s 24th consecutive PoR report, a crucial benchmark demonstrating that the exchange is not only solvent but also dedicated to safeguarding customer funds. The report reveals impressive reserve ratios, with Bitcoin (BTC) at 104%, Ethereum (ETH) at 102%, and Tether (USDT) at 106%. Such metrics highlight OKX’s financial health and reinforce its reputation as a trustworthy platform.
According to the verification conducted on October 8, 2024, at 00:00:00 (UTC+8), OKX holds 137,365 BTC and 1,556,932 ETH across its accounts. This transparency enables customers to have confidence that their assets are backed one-to-one, creating a reliable safety net for users navigating the unpredictable waters of cryptocurrency.
Setting a New Standard with zk-STARK Technology
To enhance the integrity of its Proof of Reserves, OKX employs zk-STARK (Zero-Knowledge Scalable Transparent Argument of Knowledge) technology. This advanced cryptographic tool allows for the verification of assets without compromising user privacy. By providing a tamper-proof record of reserves, zk-STARK assures users that OKX possesses the necessary assets to cover all customer deposits.
For instance, the report discloses that OKX manages over $5.76 billion in USDT and $1.04 billion in USD Coin (USDC), reinforcing its high reserve ratios. This innovative approach addresses a crucial need in the cryptocurrency space, where trust can be scarce, especially following past incidents of exchange insolvency.
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User-Centric Verification and Transparency
Furthering its transparency efforts, OKX has made its on-chain wallet addresses publicly available. This initiative allows users to independently verify the company’s asset holdings, with signed messages confirming ownership. Notably, the exchange also holds 236,200,791 XRP and 3,931,629,608 DOGE, reflecting reserve ratios of 103% and 101%, respectively.
To simplify the verification process, OKX offers tools that enable users to compare wallet holdings against account assets via a Merkle root, thereby ensuring that the reserve calculations accurately represent the exchange’s solvency. By maintaining an open-source Proof of Reserves system on GitHub, OKX sets itself apart as a leader in the crypto exchange sector, building a trusted ecosystem for its customers.
