In a
continuous effort to uphold transparency within the cryptocurrency industry,
OKX has released its eleventh straight monthly Proof of Reserves (PoR) report.
The most recent disclosure reveals a significant holding of $11.2 billion,
primarily in assets like Bitcoin (BTC), Ethereum (ETH), and Tether (USDT).

The PoR
report covers 22 commonly traded digital assets, including BTC, ETH and USDT.
OKX has consistently maintained a reserve ratio exceeding 100% for 11 straight
months across all these assets. The current reserve ratios for the three mentioned
tokens stand at 102%, 103%, and 102%, respectively.

Compared to
the results reported in August, the reserves increased by $800 million, rising
from $10.4 billion to $11.2 billion. However, when compared to July, they
slightly decreased, shrinking by $100 million. It’s important to note that
their value primarily depends on the prices of digital assets, which were
testing their yearly highs in July.

„We’ve seen
hundreds of thousands of users engage with our PoR, visit our PoR page and view
their self-audits since late 2022,” commented Haider Rafique, the Chief Marketing
Officer at OKX. “The open-source verification tool allows users to
independently verify our solvency and confirm their assets are backed by our
reserves while maintaining their privacy.”

Reserve ratios at OKX exchange. Source: OKX

In its
latest press release, the exchange also noted that it received the highest
possible quality rating among major cryptocurrency exchanges from Nic Carter, a
respected industry expert on blockchain . He referred to the exchange as the
“gold standard” of PoR reports.

Crypto Users Think PoR Reports
Are Important

OKX is the
only major cryptocurrency exchange that consistently publishes its PoR reports.
The Proof of Reserves serves as a tool enabling crypto exchanges to show they
possess enough reserves to back the digital assets held by their customers.
This is vital for sustaining confidence and safety in a sector frequently
criticized for its opacity. Regular PoR reports reassure users and establish a
benchmark that encourages other exchanges to enhance their transparency,
thereby improving industry norms.

PoR reports’ popularity surged following the FTX exchange’s downfall in
November 2022
. These reports aimed to calm users who were anxious about withdrawing
their assets from decentralized exchanges.

In August,
OKX conducted two Twitter surveys to gauge public sentiment about the
importance of PoR and transparency in choosing a crypto platform. The results
were telling: 84% of respondents considered monthly PoR reports either “somewhat
important” or “very important,” while 88% emphasized the importance of
transparency.

“We have
invested an incredible amount of time and resources in developing the best PoR
in the industry, and the statistics show that crypto users value this,” added
Rafique.

In a
continuous effort to uphold transparency within the cryptocurrency industry,
OKX has released its eleventh straight monthly Proof of Reserves (PoR) report.
The most recent disclosure reveals a significant holding of $11.2 billion,
primarily in assets like Bitcoin (BTC), Ethereum (ETH), and Tether (USDT).

The PoR
report covers 22 commonly traded digital assets, including BTC, ETH and USDT.
OKX has consistently maintained a reserve ratio exceeding 100% for 11 straight
months across all these assets. The current reserve ratios for the three mentioned
tokens stand at 102%, 103%, and 102%, respectively.

Compared to
the results reported in August, the reserves increased by $800 million, rising
from $10.4 billion to $11.2 billion. However, when compared to July, they
slightly decreased, shrinking by $100 million. It’s important to note that
their value primarily depends on the prices of digital assets, which were
testing their yearly highs in July.

„We’ve seen
hundreds of thousands of users engage with our PoR, visit our PoR page and view
their self-audits since late 2022,” commented Haider Rafique, the Chief Marketing
Officer at OKX. “The open-source verification tool allows users to
independently verify our solvency and confirm their assets are backed by our
reserves while maintaining their privacy.”

Reserve ratios at OKX exchange. Source: OKX

In its
latest press release, the exchange also noted that it received the highest
possible quality rating among major cryptocurrency exchanges from Nic Carter, a
respected industry expert on blockchain . He referred to the exchange as the
“gold standard” of PoR reports.

Crypto Users Think PoR Reports
Are Important

OKX is the
only major cryptocurrency exchange that consistently publishes its PoR reports.
The Proof of Reserves serves as a tool enabling crypto exchanges to show they
possess enough reserves to back the digital assets held by their customers.
This is vital for sustaining confidence and safety in a sector frequently
criticized for its opacity. Regular PoR reports reassure users and establish a
benchmark that encourages other exchanges to enhance their transparency,
thereby improving industry norms.

PoR reports’ popularity surged following the FTX exchange’s downfall in
November 2022
. These reports aimed to calm users who were anxious about withdrawing
their assets from decentralized exchanges.

In August,
OKX conducted two Twitter surveys to gauge public sentiment about the
importance of PoR and transparency in choosing a crypto platform. The results
were telling: 84% of respondents considered monthly PoR reports either “somewhat
important” or “very important,” while 88% emphasized the importance of
transparency.

“We have
invested an incredible amount of time and resources in developing the best PoR
in the industry, and the statistics show that crypto users value this,” added
Rafique.





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