OKX Releases 7th PoR Report with $10 Billion in Crypto Assets and Continues Expansion

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Seychelles-based cryptocurrency exchange OKX has released its seventh Proof of Reserves (PoR) report in line with efforts to advance the new industry standard of transparency and trust within the crypto community.

The new report shows that OKX has reserves of $10 billion in bitcoin (BTC), ether (ETH), Tether (USDT) and other assets.

OKX publishes the seventh PoR report

The audit, which was concluded on May 19, 2023, shows that OKX’s current reserve ratios are 103% for BTC, 103% for ETH, and 103% for USDT. The PoR also covers 19 other widely used crypto assets like USD Coin (USDC), Ripple (XRP), Dogecoin (DOGE), Solana (SOL) and Tron (TRX).

Since April, users have been able to independently verify OKX’s creditworthiness through Zero-Knowledge Scalable Transparent Argument of Knowledge (zk-STARK) technology. zk-STARK technology hides account balances from other parties, protecting their privacy.

Crypto exchange revealed plans to implement zk-STARK technology upgrade in March so users can verify all customer deposits are accounted for by comparing net worth of user assets to reserves exchange.

More than 30% increase since January

It should be noted that the USD value of OKX BTC, ETH, and USDT reserves for May collectively decreased by $400 million from the $10.4 billion reported in April. However, the figure is 33% higher than the reserve in January, when OKX declared $7.5 million in assets.

Lennix Lai, Global Commercial Director of OKX, said:

Since late 2022, OKX has set the highest industry standards for security and transparency via proof of reserves. Our commitment to users is to further improve our PoR system and streamline our use of zero-knowledge technology. We view PoR as a dynamic process that is an absolute imperative to earning and maintaining the trust of our users over the long term.

OKX continues to expand

As OKX continues its pursuit of transparency in the crypto industry, it has embarked on a mission to expand, hoping to expand to other places.

Last week, the Seychelles-based company applied to become a registered Digital Asset Service Provider (DASP) in France with the Autorité des Marchés Financiers (AMF) and the Autorité de Contrôle Prudentiel et de Resolution ( ACPR).

Earlier this month, OKX also revealed plans to establish a Turkish office as it sees the country as a growing center of blockchain innovation and expertise with a user base that has a strong appetite for cryptography.

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