Users of OKX can now verify to see if their assets are backed 1:1

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Bitcoin
Users of OKX can now verify to see if their assets are backed 1:1

OKX is the world’s second-largest crypto exchange in terms of the trading volume. On Nov 23, 2022, it released three industry-leading solutions that give its institutional and retail users more insight into their assets and the underlying assets and more direct control over their finances. In addition, OKX is a leading partner of several successful sports teams and athletes, including English Premier League club Manchester City, golfer Ian Poulter, McLaren Formula 1, Olympic gold medalist Scotty James, and Formula One driver Daniel Ricciardo.

OKX unveils updated PoR page

Earlier today, OKX unveiled its updated “Proof of Reserves” (PoR) page. This page shows that OKX has always kept its reserves at 1:1 and explains the significance of Proof of Reserves (PoR). 

The website explained the Proof of Reserves and gives users steps for checking whether or not their assets have become a “Merkle leaf” in the Merkle tree data structure. OKX’s most recent reserve ratios for all tokens are also listed, in addition to details on the exchange’s PoR audits.

OKX will be implementing a self-audit functionality this week. It will allow users to check that reserves secure their assets based on the information provided in the latest snapshot, furthering transparency and user empowerment. 

Currently, the self-audit function works with Bitcoin, Ethereum, and Tether, supporting additional assets planned for the future. OKX’s reserve balances and the condition of customer assets inside its reserves will be updated through frequent proof of funds audits.

Independent custodial wallet solution introduced

The Independent Custodial Wallet solution, which OKX plans to introduce as the first exchange, is aimed at institutional and high-net-worth customers. The firm plans to provide a custodial wallet that customers may use to store their assets in a way that is entirely distinct from the company’s holdings. 

Users can monitor their wallet balance in real-time and keep all of their private keys in their possession in the coming weeks. Users will also have more insight into and management of their resources.

“Our new proof of reserves page and self-audit functionality allow users to verify that their assets are 100% backed,” said Lennix Lai, OKX’s Director of Financial Markets.

Along with this, third-party audits are being carried out to ensure the highest level of safety. However, our industry requires a much higher degree of transparency to recover from recent events.

Keeping the money of its 20 million or more consumers worldwide safe is OKX’s principal responsibility. It has taken great satisfaction in its long-standing status as an industry leader in security and has never deviated from a reserve ratio of 1:1.

Ifeanyi Egede

Ifeanyi Egede is an experienced and versatile writer and researcher. He has keen interest in blockchain technology, cryptocurrencies, NFTs, Web3, metaverse, fintech and emerging technologies. He has tons of published works both online and in the print media. He has close to a decade of writing experience. When he is not writing, he spends time with his lovely wife and kids.

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