OKX cryptocurrency exchange Global has released a report. Proof-of-Reserves (PoR), 5th Edition, a guideline launched in November 2022 to increase transparency in the industry.
Hot Off The Press
#OKX is proud to publish our March #ProofOfReserves (PoR) report including full liabilities for even greater transparency.
This is our 5th monthly PoR showing 100% clean assets & 100% reserves for $BTC, $ETH, $USDT.
Verify: https://t.co/CG8sd09wwc pic.twitter.com/yN2kpDjiH3
— OKX (@okx) March 21, 2023
followRecent Report OKX Holds $8.9 Billion in Bitcoin, Ether, Tether The reserve ratios for BTC, ETH and USDT are 103%, 103% and 102% respectively.
Lennix Lai, Managing Director of Global Institutional at OKX, had this to say about increasing transparency: “The blockchain and crypto/Web3 industry is built on technologies that enable trustless transactions on public blockchains, and this inherent transparency. Incredibly valuable.”
Many exchanges in the industry, such as Binance, Crypto.com and Bybit, have published Proof of Reserves according to Merkle-Tree in order to maintain the integrity of the industry following the FTX scandal.
“The FTX crisis benefits companies that are successful in security and transparency. and encourage the industry to innovate in this area.”
The new take on the industry, Lai says, is “don’t trust – and check,” noting that there are over 300,000 OKX users who have come to look at their reserves or check their debts in the OKX ecosystem.
“Proof of reserves allows users to check real-time reserves and liabilities. through transparent technology — and in this way So traditional finance is very different from crypto.”
refer : LINK
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