OKX backs its customer’s funds with $35,4 billion of primary assets. This is a 75% increase in annual value. Its 36th consecutive PoR reports establishes new benchmarks for an industry that faces regulatory scrutiny.
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- OKX celebrates three years of Proof of Reserves reports, which confirms $35.4B of fully-backed assets spread across 22 tokens.
- Exchange reports 75% growth year over year in reserves, with 100% coverage of major assets such as BTC, ETH and USDT.
- ZK audits have increased by 386 percent. “View My Audit” engagement up 123%.
OKX shared a release with Crypto.news, on October 30, announcing that the company has successfully completed 36 months of Proof of Reserves reports. This confirms $35.4 billion of primary assets backing up customer funds.
Hacken (a security firm) verified that over 100 percent of the 22 major currencies, including Bitcoin, were covered by the reserve.BTCEthereumETH), Solana (SOLTetherUSDTUSD CoinUSDC).
This milestone marks OKX’s third anniversary. It also revealed an increase of 75% in assets year over year and an explosive rise in the number of onchain audits, a sign that users not only hold funds, but are actively verifying their authenticity.
“Three years of PoR reporting show progress and consistency. What started as a crisis response has set an industry standard. As crypto integrates further with traditional finance, we’ll ensure trust is always verifiable – on-chain and open for all,” OKX made a public statement.
OKX Reserves: A transparent look at the numbers
OKX’s latest Proof of reserves shows its biggest holdings to be fully-backed with an industry-leading coverage ratio. The exchange has a reserve ratio of 105% for Bitcoin. This means that it keeps more BTC than its customers do on the platform.
In the stablecoin sector, Tether is over-collateralized at 106%, while USD Coin has a 100% backing. Tether’s 106% collateralization is significantly higher than USD Coin at 100%.
Dogecoin (Dogecoin) is one of the most popular altcoins. DogecoinDOGERipple, a memecoin whose supply is massive and which has an extremely high reserve ratio (101%) on the platform. RippleXRPThe reserves are 6% higher than the customer balance. For each coin, a percentage of assets is kept in third party custody. This provides an additional layer of security for the client’s funds.
The user engagement has risen along with the monthly reports. Engagement with the ‘View My Audit’ feature has skyrocketed by 123% year-over-year.
In the same time period, ZK verification has grown by 386 percent. This shift is a sign of a major change in consumer behavior. Users are now actively involved in auditing processes, using sophisticated tools to confirm their assets’ safety.
Bridges between traditional finance and crowdfunding
OKX forges critical links to traditional finance based on the foundation of this provable resolvency. Recently, the exchange expanded its partnership with Standard Chartered to include all of Europe.
This partnership allows institutions to trade using OKX while keeping their assets safe with Global Systemically Important Banks (G-SIB). The result is a fusion of crypto exchange liquidity and legacy financial security.
A strengthened security framework is the foundation of these efforts. OKX announced it had achieved ISO/IEC 27001 certification for management of information security and CSA STAR Level 1 attestation regarding cloud security.
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Source: crypto.news
