OKX Launches Proof of Reserve Page to Enhance Transparency

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OKX, one of the largest cryp­tocur­ren­cy exchanges in the world, has released a new sec­tion of its web­site devot­ed to “Proof of Reserves” (PoR). Three new indus­try-lead­ing prod­ucts are high­light­ed on the page, all of which give retail and insti­tu­tion­al clients more insight into their hold­ings and the secu­ri­ty of their mon­ey. In addi­tion, the web­site details the most recent reserve ratios for all tokens on OKX and the results of PoR audits con­duct­ed by the exchange.

OKX has taken PoR transparency a notch higher

Self-audit cur­rent­ly works with Bit­coin (BTC), Ethereum (ETH), and Teth­er (USDT), with sup­port for addi­tion­al assets planned. Fur­ther­more, when OKX launch­es its Inde­pen­dent Cus­to­di­al Wal­let ser­vice, it will be the first cryp­tocur­ren­cy exchange to offer such a fea­ture to insti­tu­tion­al and high-net-worth cus­tomers. On the new PoR page, users can check that their assets have become a “Merkle leaf” in the Merkle tree data struc­ture by fol­low­ing the steps out­lined on the page. The page also explains how proof of reserves operates.

OKX is imple­ment­ing a self-audit func­tion this week so that users may check the lat­est snap­shot data to make sure their mon­ey is sup­port­ed by reserves. This is anoth­er step toward greater trans­paren­cy and user engage­ment on the plat­form. Also, OKX says it is going to con­duct peri­od­ic updates to its reserves bal­ances, as well as the sta­tus of user assets with­in its reserves by con­duct­ing proof of reserves audits on a reg­u­lar basis.

Lennix Lai, Direc­tor of Finan­cial Mar­kets, OKX, said: “Our new proof of reserves page and self-audit fea­ture give users the abil­i­ty to ver­i­fy that their assets are 100% backed.”

In the near future, OKX users will be able to oper­ate a wal­let that is com­plete­ly dis­tinct from the company’s reserves. That will enable them to keep track of their hold­ings in real-time and keep the pri­vate keys to their assets. Users will have bet­ter insight into and man­age­ment of their pos­ses­sions as a result.



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