OKX's February Proof of Reserves shows 8.6 billion USD, with over quarter million users viewing reserves and liabilities
- More than 175,000 unique users checked OKX's Proof of Reserves page, and over 90,000 unique users viewed Proof of Liabilities
- Reserves report again shows OKX holds largest 100% clean reserves among major exchanges
VICTORIA, Seychelles, 20 February , 2023 - OKX, the world’s second-largest crypto exchange by trading volume and leading web3 technology company, today published its fourth monthly Proof of Reserves (PoR) showing $8.6 billion held by the exchange in BTC, ETH, and USDT.
OKX users showed significant interest in viewing the reserves as well as using open-source tools to check their liabilities, with over 175,000 unique users visiting the PoR page and over 90,000 unique users verifying their liabilities are accounted for in the PoR. Third party data again shows that OKX holds the largest 100% clean asset reserves among major exchanges.
Current OKX reserve ratios:
- BTC: 104%
- ETH: 104%
- USDT: 102%
As with all OKX PoR reports, users are able to view OKX’s February PoR on its website, including reserve ratios for new and historical data. Reserves and liabilities can be self-verified with trustless tools on the OKX website.
OKX Managing Director of Financial Markets Lennix Lai said: “We are proud to continue the monthly publishing of our Proof of Reserves in line with our unwavering commitment to transparency and trust here at OKX. Our data shows that hundreds of thousands of our users have taken an active interest in viewing our historical reserves and using open-source tools to verify their liaibilities are included. Proof of Reserves is far from a niche topic - it is of vital importance to building user trust and we are dedicated to ensuring OKX shows continued leadership in this area."
OKX has published more than 23,000 addresses for its Merkle Tree PoR program, and will continue to use these addresses to allow the public to view asset flows. The OKX PoR protocol is open source and available to the public on Github. Additional OKX holdings can be viewed on the OKX Nansen Dashboard.
As part of its commitment to transparency, OKX will continue to publish PoR monthly.
For further information, please contact: media@okx.com
What is Proof-of-Reserves?
Proof of Reserves is a report of crypto assets that ensures the custodian (OKX) holds the assets it claims to hold on behalf of its users. OKX uses the Merkle tree (hash tree) to prove this claim in two ways. First, users can find their balance in the tree and prove their assets are held in the total OKX balance. Second, the total OKX balance is compared to the publicized OKX on-chain wallet balance to determine Proof-of Reserves.
What are 'Clean' Reserves?
Assets are considered “clean” in PoR when a third party analysis determines they do not include an exchange's platform token, and are solely made up of high market cap “traditional” crypto assets such as BTC, ETH and USDT. Blockchain analytics firm CryptoQuant monitors PoR across the industry, and found OKX’s assets to be “100% clean.”
© 2024 OKX. This article may be reproduced or distributed in its entirety, or excerpts of 100 words or less of this article may be used, provided such use is non-commercial. Any reproduction or distribution of the entire article must also prominently state: “This article is © 2024 OKX and is used with permission.” Permitted excerpts must cite to the name of the article and include attribution, for example “Article Name, [author name if applicable], © 2024 OKX.” No derivative works or other uses of this article are permitted.
Information about: digital currency exchange services is prepared by OKX Australia Pty Ltd (ABN 22 636 269 040); derivatives and margin by OKX Australia Financial Pty Ltd (ABN 14 145 724 509, AFSL 379035) and is only intended for wholesale clients (within the meaning of the Corporations Act 2001 (Cth)); and other products and services by the relevant OKX entities which offer them (see Terms of Service). Information is general in nature and should not be taken as investment advice, personal recommendation or an offer of (or solicitation to) buy any crypto or related products. You should do your own research and obtain professional advice, including to ensure you understand the risks associated with these products, before you make a decision about them. Past performance is not indicative of future performance - never risk more than you are prepared to lose. Read our Terms of ServiceTerms of Serviceand Risk Disclosure Statement for more information.
