- OKX holds $10 billion in bitcoin (BTC), ether (ETH), Tether (USDT), and other assets.
- The exchange’s solvency has been independently verifiable by users since April.
In an attempt to set a new benchmark for openness and trust in the cryptocurrency sector, OKX, a cryptocurrency exchange located in Seychelles, has released its seventh proof-of-reserves (PoR) report.
OKX holds $10 billion in bitcoin (BTC), ether (ETH), Tether (USDT), and other assets, according to a recent report.
Moreover, OKX has been audited and found to have reserve ratios of 103% for Bitcoin, 103% for Ethereum, and 103% for US Dollar Tether as of May 19, 2023. Not only does the PoR include the likes of USD Coin (USDC), Ripple (XRP), Dogecoin (DOGE), Solana (SOL), and Tron (TRX), but also 19 more prominent cryptocurrencies.
Eyeing Rapid Expansion
The exchange’s solvency has been independently verifiable by users since April. Thanks to the Zero-Knowledge Scalable Transparent Argument of Knowledge (zk-STARK) protocol. The zk-STARK system protects the privacy of its users by concealing their account balances.
Users will be able to confirm that all client deposits have been accounted for by comparing the net equity of user assets to exchange reserves. Thanks to the zk-STARK technological update that the cryptocurrency exchange announced its plans to execute back in March.
It’s important to note that OKX’s BTC, ETH, and USDT reserves fell by $400 million, to $8.8 billion in USD value in May. From the $10.4 billion reported in April. OKX is continuing its advocacy for more crypto sector openness while also launching an international growth initiative.
The Seychelles-based company submitted an application to the French financial regulators AMF and ACPR last week, seeking registration as a Digital Asset Service Provider (DASP). OKX said earlier this month that it will open an office in Turkey, as part of its international expansion plan.
Recommended For You:
OKX Launches Updated App for Spot Trading of Virtual Assets in Hong Kong
