- This latest report marks the two-year anniversary of OKX's PoR program, setting it apart as one of the few exchanges that consistently publishes PoR reports on a monthly basis
- To commemorate the two-year anniversary of its PoR program, OKX has launched an educational video on "How to Verify Proof of Reserves"
VICTORIA, Seychelles, Oct. 31, 2024 (GLOBE NEWSWIRE) -- OKX, a leading cryptocurrency exchange and global onchain technology company, today published its 24th consecutive Proof of Reserves (PoR) report, showcasing USD20.3 billion in primary assets backing customer funds.
This latest report marks the two-year anniversary of OKX's PoR program, setting it apart as one of the few exchanges that consistently publishes PoR reports on a monthly basis.
To commemorate the two-year anniversary of its PoR program, OKX has launched an educational video on "How to Verify Proof of Reserves." The video encourages customers to engage with OKX's PoR tool, putting into practice the crypto community's ethos of "Don't Trust, Verify." To date, more than 2 million people have interacted with OKX's PoR verification tool.
OKX's PoR program is a key component of its comprehensive security framework, which includes:
- Advanced encryption technologies and strict access controls
- A robust incident response plan
- A multi-billion-dollar insurance fund, serving as a dedicated reserve pool to protect customers from excessive loss and auto-deleveraging for specific trading products*
- Advanced, AI-powered safety tools, such as SkyNet, an AI blockchain scanning tool that identifies and flags malicious actors
OKX Global Chief Commercial Officer Lennix Lai said: "Two years ago, we committed to leading the industry in transparency and trust. Today, with our 24th consecutive Proof of Reserves report, we're proud to have kept that promise. Looking ahead, we look forward to delivering ongoing improvements to our PoR program and continuing to collaborate with industry players to further strengthen our process."
OKX continues to maintain over 100% reserve ratios for 22 of the most frequently traded assets on its platform; the current reserve ratios for primary assets on OKX are:
- BTC: 104%
- ETH: 102%
- USDT: 106%
- USDC: 100%
OKX's approach to PoR has been continuously improved and has received the highest quality rating among major exchanges by blockchain expert Nic Carter. Last month, OKX demonstrated its commitment to continuous improvement by significantly optimizing its PoR process, leading to a reduction in the proof file size from 2.55GB to 598KB. This enhancement not only allows for faster and more efficient verification but also reflects OKX's ongoing efforts to refine and strengthen its PoR program.
For more information about OKX's PoR and other security measures, visit: https://www.okx.com/landingpage/beyond-proof-of-reserves
*Available in specific markets only
For further information, please contact:
Media@okx.com
About OKX
OKX is a technology company with a mission to organize the world's blockchains and make them more accessible and useful.
We want to create a future that makes our world more efficient, transparent and connected.
OKX began as a crypto exchange giving millions of people access to trading and over time became among the largest platforms in the world. In recent years, we have developed one of the most connected onchain wallets used by millions to access decentralized applications (dApps).
OKX is trusted by hundreds of large institutions seeking access to crypto markets on a reliable platform that seamlessly connects with global banking and payments.
Our most well-known products include: OKX Exchange, OKX Wallet, OKX Explorer, OKX OS, OKX Ventures and OKX Institutional. To learn more about OKX, download our app or visit: okx.com
