OKX Announces Significant Asset Growth
In a significant announcement, cryptocurrency exchange OKX has disclosed that it currently holds $35.4 billion in primary assets, representing a remarkable 75% increase over the past year. This update coincides with the completion of its 36th consecutive Proof of Reserves (PoR) report, which has set a new standard for transparency within the regulatory-challenged cryptocurrency sector. The exchange revealed the news in a press release on October 30, highlighting that its reserves, verified by blockchain security firm Hacken, achieve over 100% coverage across a diverse array of 22 cryptocurrencies, including major players like Bitcoin (BTC), Ethereum (ETH), Solana (SOL), Tether (USDT), and USD Coin (USDC).
Celebrating Transparency and User Engagement
Celebrating three years since launching its PoR initiative, OKX emphasized the frequency of its audits, which not only demonstrate stability but also encourage user engagement in real-time verification processes. According to OKX’s statement, they believe that the practices developed during this crisis response phase are becoming foundational to the industry’s trust in cryptocurrency.
“As we continue to deepen connections between the world of digital assets and traditional finance, our approach to verifiable trust will remain open and accessible to everyone,”
the press release quoted the company.
Impressive Reserve Ratios
The latest figures reveal that OKX’s Bitcoin assets are backed by an impressive 105% reserve ratio, signifying that the exchange retains more Bitcoin than what is currently held in customer accounts. Similarly, Ethereum assets have a backing of 102%, while Solana also stands firmly at a 102% coverage level. Moreover, Tether is noted for being over-collateralized at 106%, and USD Coin boasts a 100% backing. Other cryptocurrencies are not left behind, as Dogecoin (DOGE) has a reserve ratio of 101%, and Ripple (XRP) is also comfortably backed, exceeding customer requirements by 6%. Importantly, a portion of these funds is secured in third-party custody to enhance safety for clients’ assets.
User Demand for Transparency
User demand for transparency has surged, with participation in OKX’s ‘View My Audit’ feature increasing by a staggering 123% year-over-year. Noteworthy advancements in privacy have emerged as well, illustrated by a 386% growth in the use of zero-knowledge (ZK) verification technology. These metrics highlight a shift in user behavior, with traders becoming more actively involved in asset security and employing intricate tools to ensure their holdings are safeguarded.
Strategic Partnerships and Safety Commitments
In addition to these transparency efforts, OKX is strategically aligning itself with traditional financial institutions. It has expanded its partnership with banking powerhouse Standard Chartered to extend services into the European Economic Area. This collaboration permits institutional clients to conduct trading activities on the OKX platform while their assets are securely held under the supervision of the globally significant bank (G-SIB), effectively bridging the gap between crypto market liquidity and the stringent security protocols found in traditional finance.
Furthermore, OKX has bolstered its commitment to safety by achieving the ISO/IEC 27001:2022 certification for information security management and earning the CSA STAR Level 1 attestation for cloud security, reinforcing its standing as a trustworthy platform in the digital asset space.
