OKX, formerly known as OKEx, has released its third proof-of-reserves report amid increasing demand of crypto investors asking for transparency from exchanges they trade with.
Published on its website, the updated report shows on-chain and off-chain asset balances, and a complete list of wallet addresses is available for public viewing. The third monthly Proof of Reserves shows $7.5 billion held by the exchange in BTC, ETH, and USDT.
Per its statement, these findings are the largest 100% clean asset reserves among major exchanges, according to third party data. OKX also pledged to release a monthly report on the 22nd day of each month to allow users to audit its reserves on a regular basis.
Audited by blockchain analytics firm CryptoQuant, OKX’s assets are considered “clean” as it doesn’t include the exchange’s own token, solely made up of high market cap assets such as BTC, ETH and USDT.
OKX’s third proof-of-reserves features new tools that enable users to view reserve ratios for new and historical data to self-verify assets held within its platform. They will be also able to download the files containing the most recent update, as well as all historical PoR data.
OKX CMO Haider Rafique said: “Security, transparency and trust are core tenets of the OKX business process and customer service philosophy. We’ve already taken a leadership position by publishing our PoR monthly. As industry standards for PoR continue to take shape, we expect that our reserve asset quality will be one of many key differentiating factors for OKX in the market.”
OKX was among the first tranche of crypto exchange that provided their customers and other stakeholders with a snapshot of its reserve holdings. This came at a time when major crypto plyers come under greater scrutiny after the stunning implosion of the erstwhile second-largest global crypto exchange FTX.
Other than OKX, KuCoin, Crypto.come, Binance, Gate.io, Poloniex, Bitget, Huobi, Deribit, and Bybit are among those who pledged to publish their Merkle tree reserve certificates to increase transparency.
Proof of Reserve hit the headlines in recent weeks as many exchanges have taken steps to increase transparency and trust amongst their users. The collapse of Sam Bankman-Fried’s FTX, which filed for bankruptcy, has triggered withdrawal suspensions across associated platforms and beyond. To assure investors, major cryptocurrency exchanges have been publishing evidence of the reserves they hold.
