Cryptocurrency exchange OKX has released its tenth proof-of-reserves (PoR) report, a significant milestone marking its commitment to transparency and accountability in the digital asset space.
The report showcases the balances of various primary crypto assets and delves into user sentiment regarding the importance of reserve reports and transparency in the industry.
OKX Crypto Asset Balances and Overview
In its latest PoR report, OKX discloses that its primary crypto asset balances, including bitcoin (BTC), ether (ETH), and Tether (USDT), total $10.4 billion. The exchange covers a range of 22 digital assets, such as USD Coin (USDC), Ripple (XRP), Dogecoin (DOGE), Solana (SOL), Polkadot (DOT), and OKB.
Notably, BTC, ETH, XRP, and SOL have reserve ratios of 102%, while USDT and USDC have ratios of 103% and 100%, respectively.
Reserve Value Fluctuations
The August PoR report reveals that the USD value of OKX’s reserves has experienced a decrease of approximately $1 billion from the $11.3 billion reported in July. However, this decline follows an increase of 38% in total reserves since January, showcasing the dynamic nature of crypto asset valuations.
OKX employs the Zero-Knowledge Scalable Transparent Argument of Knowledge (zk-STARK) technology to ensure user privacy and safeguard the balances of other accounts. By revealing more than 210,000 addresses for the PoR program, users can independently verify asset flows, confirming that their holdings are backed by the exchange’s reserves.
Community Engagement and Sentiment
Since the launch of the PoR reports in late 2022, hundreds of thousands of users have interacted with the reports and conducted self-audits of their assets. To gauge sentiment, OKX conducted surveys on social media platform X (formerly Twitter).
Around 84% of respondents stated that monthly PoR reports are “somewhat important” or “very important,” while 88% highlighted the significance of transparency when selecting a trustworthy crypto platform.
Commitment to User Trust and Transparency
Lennix Lai, Chief Commercial Officer of OKX, emphasized the importance of user feedback in driving the exchange’s actions. He stated that OKX remains dedicated to addressing user concerns by investing in security and transparency tools, thereby further solidifying user trust in the platform.
OKX’s release of its tenth consecutive PoR report underscores its dedication to providing transparency and accountability in the cryptocurrency industry. Further, by sharing crypto asset balances, embracing innovative privacy technology, and engaging with the community, OKX sets an example for other platforms to prioritize user trust and transparency.
Read More:
Crypto Donations Power Maui Fire Relief: Over $136,000 Raised
Gemini and Other Creditors Disapprove of Genesis Bankruptcy Resolution Plan