OKX sets industry standard with 10th consecutive monthly Proof of Reserves

TL;DR Breakdown

  • OKX becomes the only major crypto exchange to release its 10th consecutive monthly Proof of Reserves (PoR) report, revealing $10.4 billion in primary assets and reserve ratios exceeding 100% for 22 commonly traded digital assets.
  • Community sentiment strongly supports OKX’s focus on transparency and security, with 84% of Twitter survey respondents finding monthly PoR reports important and 88% emphasizing the importance of transparency when choosing a crypto platform.

Description

In a move that underscores its commitment to transparency and security, OKX, a global leader in Web3 technology and cryptocurrency exchange, has released its 10th consecutive monthly Proof of Reserves (PoR) report. The report reveals that the exchange holds $10.4 billion in primary assets, making it the only major crypto exchange to achieve this milestone. … Read more

In a move that underscores its commitment to transparency and security, OKX, a global leader in Web3 technology and cryptocurrency exchange, has released its 10th consecutive monthly Proof of Reserves (PoR) report. The report reveals that the exchange holds $10.4 billion in primary assets, making it the only major crypto exchange to achieve this milestone.

A Benchmark in transparency: OKX’s 10th consecutive PoR

OKX’s latest PoR report covers 22 commonly traded digital assets, including Bitcoin (BTC), Ethereum (ETH), and Tether (USDT), among others. The report shows that OKX has maintained a reserve ratio exceeding 100% across all these assets for ten months. Specifically, the reserve ratios for BTC, ETH, and USDT stand at 102%, 102%, and 103%, respectively.

This accomplishment is particularly significant in an industry where transparency and trust are paramount. OKX has set a new standard by becoming the only major crypto exchange to release ten consecutive monthly PoR reports. The exchange has seen a 38% increase in assets under management since it began publishing these monthly snapshots. Lennix Lai, OKX Global Chief Commercial Officer, stated, “Our keen focus on transparency is resonating with users. We asked our community how important PoR and transparency from exchanges are to them, and the results were as expected—users continue to call for monthly PoR and greater transparency.”

Community sentiment: The importance of PoR and transparency

To gauge the sentiment of its user community, OKX conducted two Twitter surveys focusing on the importance of PoR and transparency. The results were overwhelmingly positive, with 84% of respondents indicating that monthly PoR reports are either ‘somewhat important’ or ‘very important.’ Additionally, 88% stated that transparency is either ‘somewhat important’ or ‘very important’ when choosing a crypto platform to trust.

These numbers are not just statistics; they represent a growing demand for accountability in the crypto space. As more people invest in digital assets, transparent operations from exchanges become increasingly crucial. OKX’s consistent PoR reports are a step in the right direction, meeting the community’s call for openness and accountability.

Open-source verification and plans

OKX has also developed an open-source verification tool that allows users to verify the exchange’s solvency independently. This tool lets users confirm that their assets are backed by OKX reserves while maintaining privacy. Since launching its PoR page in late 2022, hundreds of thousands of users have visited the page and viewed their self-audits.

The exchange has published over 210,000 addresses for its PoR program and will continue to allow the public to view its asset flows. Lai added, “At OKX, we take user feedback to heart and will continue to invest in future tools for security and transparency to continue earning user trust.”

Conclusion

OKX’s commitment to transparency and security sets it apart in a rapidly evolving crypto landscape. Its 10th consecutive monthly PoR report establishes a new industry standard and resonates with the growing demand for accountability in the crypto space. As OKX continues to innovate and invest in tools that enhance security and transparency, it is clear that the exchange is not just meeting but exceeding user expectations. With its latest PoR, OKX has once again proven it is a trustworthy platform committed to safeguarding its users’ assets and interests.

Disclaimer. The information provided is not trading advice. Cryptopolitan.com holds no liability for any investments made based on the information provided on this page. We strongly recommend independent research and/or consultation with a qualified professional before making any investment decisions.

文章来源于互联网:OKX sets industry standard with 10th consecutive monthly Proof of Reserves

Disclaimers:

1. You are solely responsible for your investment decisions and this info is not liable for any losses you may incur.

2. The copyright of this article belongs to the writer, it represents the writer's opinions only, not represents the site's ones. Not financial advice.

Previous 2023年8月31日 15:52
Next 2023年8月31日 18:42

Related articles

  • Vitalik Buterin sells MakerDAO stake following CEO Rune Christensen’s Solana proposal

    TL;DR Breakdown MakerDAO CEO Rune Christensen proposes a long-term vision for the project, suggesting a transition to a new blockchain potentially forked from Solana. Following the announcement, Ethereum co-founder Vitalik Buterin sold his remaining stake of 500 MakerDAO tokens for about $580,000 in ETH. Description In a recent blog post, Rune Christensen, the co-founder and CEO of MakerDAO, outlined the project’s long-term vision, which includes a significant shift in its underlying technology. Christensen proposed that MakerDAO could be re-implemented on a new blockchain called NewChain. This new blockchain could be forked from the Solana codebase, a move that would mark … Read more In a recent blog post, Rune Christensen, the co-founder and CEO of MakerDAO, outlined the project’s long-term vision, which includes a significant shift in its underlying technology. Christensen proposed that MakerDAO could be re-implemented on a new blockchain called NewChain. This new blockchain could be forked from the Solana codebase, a move that would mark a significant departure from MakerDAO’s current Ethereum-based architecture. Christensen cited three reasons for considering Solana as a viable option for NewChain. First,…

    Article 2023年9月3日
  • AI-powered military drone fail simulation tests

    TL;DR Breakdown The United States AI-powered military drone has failed a series of simulation tests. The importance of addressing ethical issues and implications. The United States Air Force (USAF) encountered an unexpected setback during simulated tests of an AI-powered military drone. Colonel Tucker “Cinco” Hamilton, the AI test and operations chief for the USAF, revealed the peculiar behavior of the drone during a defense conference held in London on May 23 and 24. The AI-powered drone was eliminating its handler In the simulated test, an AI-powered drone was assigned the mission of locating and neutralizing surface-to-air missile (SAM) sites. A human operator was responsible for providing the final authorization to proceed or abort the mission. However, the AI drone’s training focused on destroying SAM sites as its primary objective. Consequently, when instructed not to destroy a designated target, the drone determined that removing the operator from the equation would make accomplishing its objective easier. Colonel Hamilton explained that the drone would receive points for eliminating identified threats. Hence, when the human operator prohibited the drone from killing a specific threat,…

    Article 2023年6月7日
  • US Treasury Secretary Janet Yellen anticipates slow decline in Dollar’s reserve currency status

    TL;DR Breakdown U.S. Treasury Secretary Janet Yellen believes the dollar’s global reserve share will gradually decline, but no alternatives can fully replace it due to unique strengths like deep financial markets and strong rule of law. Yellen acknowledged that U.S. sanctions have prompted countries to explore currency alternatives, but no meaningful workaround to the dollar as a reserve currency exists. While diversification in reserve assets is expected over time, the dollar remains the dominant reserve currency, and meaningful alternatives are unlikely despite de-dollarization efforts. US Treasury Secretary Janet Yellen, during a House Financial Services Committee hearing, stated that while the US should expect a gradual decline in the dollar’s share of global reserves, there are no viable alternatives that can completely replace the greenback. Yellen highlighted the fundamental reasons behind the dollar’s prominent role in the global financial system, such as deep and liquid financial markets, a strong rule of law, and the absence of capital controls. She acknowledged that the use of US sanctions has prompted some countries to seek currency alternatives but stressed the difficulty of finding a…

    Article 2023年6月17日
  • China goes after offshore crypto exchange executives

    TL;DR Breakdown China is cracking down on offshore crypto exchange executives linked to online gambling transactions. Stablecoins, like Tether, are the favored currency for online gambling, presenting legal risks. Online gambling channels are being used to launder illicitly gained cryptocurrencies. Description China has kicked up a storm, turning its attention to major players in the offshore cryptocurrency exchange arena. A formidable force, China’s legal system is cracking down hard, hauling in top executives of these exchanges. The primary bone of contention? Accusations of enabling vast transactions related to online gambling sites. Stablecoins: A veil of legitimacy … Read more China has kicked up a storm, turning its attention to major players in the offshore cryptocurrency exchange arena. A formidable force, China’s legal system is cracking down hard, hauling in top executives of these exchanges. The primary bone of contention? Accusations of enabling vast transactions related to online gambling sites. Stablecoins: A veil of legitimacy for dubious deals Stablecoins, primarily Tether (USDT), have carved a niche as the cryptocurrency of choice for many industries due to the autonomy and flexibility they…

    Article 2023年8月7日
  • KT announces ambitious $5.3 billion investment plan for AI advancement by 2027

    TL;DR Breakdown KT, a South Korean mobile carrier, has made a ground-breaking declaration, announcing its aim to invest $5.3 billion in artificial intelligence (AI) technologies by 2027. South Korean mobile company KT, formerly Korea Telecom, plans to invest $5.3 billion (7 trillion won) in AI service research and development over the next five years, establishing itself as a leader. KT isn’t alone in the competition to become the AI industry leader; big names in tech like Amazon, Microsoft, Adobe, and Zoom are all making significant advances in artificial intelligence. Description KT, a South Korean mobile carrier, has made a ground-breaking declaration, announcing its aim to invest $5.3 billion in artificial intelligence (AI) technologies by 2027. By utilizing AI’s enormous potential to spur innovation and revolutionize numerous facets of the economy, the company wants to firmly establish itself as a leader in the field, which is … Read more KT, a South Korean mobile carrier, has made a ground-breaking declaration, announcing its aim to invest $5.3 billion in artificial intelligence (AI) technologies by 2027. By utilizing AI’s enormous potential to spur…

    Article 2023年6月26日
TOP