OKX issued its third Proof of Reserves (PoR) report on Thursday. A third party has verified that the company’s assets are “100%” clean.
OKX, the world’s second-largest crypto exchange by trading volume, revealed $7.5 billion in clean assets in its third monthly Proof of Reserves (POR) report.
A Proof of Reserves report shows that the custodian really retains the assets it claims to keep for its clients.
When OKX’s asset reserves do not include their native token, they are termed clean. OKB in this scenario. Instead, their reserves include Bitcoin (BTC), Ethereum (ETH), and USDT, a stablecoin. All of these coins have substantial market capitalization and trading activity.
OKX’s assets are deemed “100% clean” by CryptoQuant, a blockchain analytics business that tracks PoR throughout the industry. OKX has produced its first monthly PoR report.
“Security, transparency, and trusts are fundamental components of the OKX business process and customer service philosophy,” stated its CMO, Haider Rafique. We have already assumed a leading position by producing a monthly PoR. As industry standards for PoR continue to take form, we anticipate that the quality of OKX’s reserve assets will be one of several major market differentiators.”
The OKX PoR protocol is available on GitHub as open-source software. The OKX Nansen Dashboard provides access to additional OKX holdings.
OKX has announced that it would continue to provide monthly PoR reports. To prevent a repeat of the FTX hack, the crypto industry has urged that other fund custodians take comparable measures.
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