Crypto Exchange OKX Releases Proof of Reserves For Gaining Trust

Crypto Exchange OKX Releases Proof of Reserves For Gaining Trust
  • Users may verify the exchange’s funds in two ways, both of which are detailed.
  • The exchange has also included two help file papers that detail how to audit the reserves.

OKX, a cryptocurrency exchange, has made available a Proof of Reserves page, where customers may verify the sufficiency of the company’s funds. After the demise of FTX, crypto exchanges have been under more monitoring. OKX tweeted and updated its blog about the new page.

Users may verify the exchange’s funds in two ways, both of which are detailed on the Proof of Reserves page. The first provides a snapshot of the exchange’s BTC, ETH, and USDT reserves. And liabilities as of the time of the user’s request.

According to this snapshot, OKX has 102% of the BTC and ETH necessary to process all Bitcoin and Ethereum withdrawals. And 101% of the USDT necessary to process all Tether withdrawals.

Clear Steps Included

The second selection may be seen by clicking “view my audit.” The user may log in and get a quick summary of their holdings on the exchange. Unless the user has taken out margin loans, the business claims these balances should match those shown on the asset overview tab of the app’s dashboard.

Due to the fact that not all customers would have faith in the web app’s data accuracy. The corporation has additionally included two help file papers that detail how to audit the reserves using the console on a personal computer. “How to verify if your assets are included in the OKX Merkle tree?” and “How to verify OKX’s ownership and balance of the wallet address.”

OKX’s Director of Financial Markets, Lennix Lai, said in a news release that the company believes the Proof of Reserves page would contribute to increased transparency in the cryptocurrency exchange sector.

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A diploma graduate who is passionate about digital currency and loves writing. He loves the concept of crypto and keeps himself up to date with the latest development and news of the crypto world.