OKX, a leading cryptocurrency exchange and Web3 technology company, has once again demonstrated its commitment to transparency and accountability by releasing its ninth consecutive Proof of Reserves (PoR) report. The report, covering the month of July, reveals that OKX holds a total of $11.3 billion in primary assets, including BTC, ETH, and USDT.
The PoR report encompasses a wide range of digital assets, including popular cryptocurrencies such as USDC, XRP, DOGE, SOL, and many others. OKX has maintained a reserve ratio exceeding 100% for nine consecutive months across all the assets included in the report. This highlights the exchange’s dedication to ensuring the security and integrity of its users’ funds.
To ensure the utmost security, OKX stores the majority of its reserves in highly secure off-chain cold storage. This approach has been well-received by the crypto community, with hundreds of thousands of users engaging with OKX’s PoR, visiting its dedicated PoR page, and conducting self-audits since the launch of the initiative in late 2022.
Lennix Lai, OKX Global Chief Commercial Officer, emphasized the importance of ongoing and consistent disclosures of reserves and liabilities in the industry. He stated that point-in-time attestations of reserve holdings hold little value compared to sustained and transparent reporting. OKX’s commitment to monthly PoR reporting sets it apart as an industry leader, surpassing other top exchanges in terms of consecutive monthly snapshots.
Moving forward, OKX plans to continue publishing its monthly PoR reports while providing users with a self-audit tool. This open-source verification tool allows users to independently verify OKX’s solvency and confirm that their assets are backed by OKX reserves, all while maintaining their privacy.
With over 210,000 addresses published for its PoR program, OKX remains committed to providing the public with visibility into its asset flows. Users can access the latest PoR report, reserve ratios, and verify OKX’s solvency on the dedicated PoR page.
OKX is a leading global crypto exchange and Web3 ecosystem trusted by more than 50 million users worldwide. The platform is known for its speed, reliability, and commitment to enhancing the fan experience through partnerships with prominent entities such as Manchester City FC and McLaren Formula 1. Additionally, OKX is actively involved in supporting creators in the web3 space, as demonstrated by its partnership with the Tribeca Festival.
In addition to its exchange services, OKX offers the OKX Wallet, which allows users to explore the world of NFTs and the metaverse while trading GameFi and DeFi tokens.
Disclaimer: This announcement serves solely for informational purposes and does not constitute investment, tax, or legal advice. Digital assets, including stablecoins, involve inherent risks and can fluctuate in value. OKX is not regulated by the FCA, and therefore, certain protections may not be available. Users should carefully consider their financial condition before engaging in trading or holding digital assets. The value of digital assets, including stablecoins, can increase or decrease, and profits may be subject to capital gains tax. Past performance does not guarantee future results. Users are advised to consult with their legal, tax, and investment professionals for personalized advice.