OKX publishes July’s proof-of-reserves, shows $11.3 billion in assets

HONG KONG, HONG KONG, July 26th, 2023, Chainwire

OKX, a web3 company and one of the leading crypto exchanges by trading volume, has published its industry-best ninth consecutive monthly proof-of-reserves (PoR), showing a balance of $11.3 billion in Bitcoin (BTC), Ethereum (ETH), and Tether (USDT).

OKX’s PoR covers 22 commonly used digital assets and demonstrates that OKX has maintained a reserve ratio exceeding 100% for nine consecutive months across all those assets. 

Besides BTC, ETH, and USDT, the assets included in OKX’s PoR are USDC, XRP, Dogecoin (DOGE), Solana (SOL), OKB, Aptos (APT), DASH, Polkadot (DOT), alef (ELF), EOS, Ethereum Classic (ETC), Filecoin (FIL), Chainlink (LINK), Litecoin (LTC), OKT, ConstitutionDAO (PEOPLE), Toncoin (TON), Tron (TRX) and Uniswap (UNI).

OKX stores its reserves in off-chain cold storage. 

Since its PoR page launched in late 2022, hundreds of thousands of users have engaged with it, visited the page, and viewed their self-audits.

OKX’s current reserve ratios are as follows:

• BTC: 103%
•  ETH: 103%
•  USDT: 103%

OKX global chief commercial officer Lennix Lai said: 

“Public-facing disclosures of reserves and liabilities are essential to ensure long-term accountability in our industry. However, point-in-time attestations of reserve holdings mean little—instead, sustained and consistent disclosures are needed. As the industry leader in monthly PoR reporting, with more consecutive monthly snapshots than any other top exchange, our commitment to transparency is unwavering.”

OKX will continue to publish its monthly PoR while providing a self-audit tool to all users. 

The open-source verification tool enables users to independently verify the exchange’s solvency and confirm that their assets are backed by OKX reserves while maintaining privacy.

OKX has published over 210,000 addresses for its PoR program and will continue to allow the public to view its asset flows.

Users can view the latest PoR report, reserve ratios and verify OKX’s solvency here.

For further information, please contact:

[email protected]

About OKX

OKX is a global crypto exchange and web3 ecosystem. With more than 50 million users, OKX has a crypto trading app for traders everywhere.

As a top partner of English Premier League champions Manchester City FC, McLaren Formula 1, Olympian Scotty James, and F1 driver Daniel Ricciardo, OKX aims to enhance the fan experience with new engagement opportunities. 

OKX is also the top partner of the Tribeca Festival as part of an initiative to bring more creators into web3.

Beyond OKX’s exchange, the OKX Wallet is the platform’s latest offering for people looking to explore the world of non-fungible tokens (NFTs) and the metaverse while trading GameFi and DeFi tokens.

OKX is committed to transparency and security and publishes its proof-of-reserves monthly.

To learn more about OKX, download our app or visit: okx.com

Disclaimer

THIS ANNOUNCEMENT IS PROVIDED FOR INFORMATIONAL PURPOSES ONLY. IT IS NOT INTENDED TO PROVIDE ANY INVESTMENT, TAX, OR LEGAL ADVICE, NOR SHOULD IT BE CONSIDERED AN OFFER TO PURCHASE, SELL, OR HOLD DIGITAL ASSETS. DIGITAL ASSETS, INCLUDING STABLECOINS, INVOLVE A HIGH DEGREE OF RISK, CAN FLUCTUATE GREATLY, AND CAN EVEN BECOME WORTHLESS. OKX IS NOT REGULATED BY THE FCA, THUS, PROTECTIONS SUCH AS THE FINANCIAL OMBUDSMAN SERVICE OR FINANCIAL SERVICES COMPENSATION SCHEME WILL NOT BE AVAILABLE. YOU SHOULD CONSIDER WHETHER YOU UNDERSTAND HOW CRYPTO WORKS AND WHETHER TRADING OR HOLDING DIGITAL ASSETS IS SUITABLE FOR YOU IN LIGHT OF YOUR FINANCIAL CONDITION. THE VALUE OF YOUR DIGITAL ASSETS, INCLUDING STABLECOINS, CAN INCREASE OR DECREASE AND PROFITS MAY BE SUBJECT TO CAPITAL GAINS TAX. PAST PERFORMANCE DOES NOT INDICATE FUTURE RESULTS. PLEASE CONSULT YOUR LEGAL/TAX/INVESTMENT PROFESSIONAL FOR QUESTIONS ABOUT YOUR SPECIFIC CIRCUMSTANCES.

Contact

OKX
[email protected]