OKX has released its seventh monthly Proof-of-Reserves report showing $10 billion in Bitcoin, Ethereum and Tether’s stablecoin USDT.
📢 Hot Off The Press 📢#OKX is proud to publish our May 2023 #ProofOfReserves report.
This is our 7th consecutive monthly report showcasing 100% reserve ratios for 22 assets including $BTC, $ETH, $USDTand more.
Verify: https://t.co/FGQXXqVNIg pic.twitter.com/ztYA1XSrR4
— OKX (@okx) May 29, 2023
In total, the report covers 22 digital assets, including (USDC), Dogecoin (DOGE), XRP from Ripple, Solana (SOL) and others. According to the exchange, client funds on the platform are more than 100% secured.
The exchange classifies cryptocurrencies that “offer high liquidity and are recognized by the market” as reserve assets.
“Proof-of-Reserves ensures that custodians hold sufficient funds to cover all client funds on the platform and deposit obligations while remaining solvent,” OKX said.
To audit balances, the platform takes a snapshot and uses an encrypted Merkle tree system to protect against unauthorized access.
After OKX implemented the zk-STARK zero-resolution proof technology in the Proof-of-Reserves mechanism in April 2023, users were able to independently verify the solvency of the exchange.
Recall that in May, OKX announced a phased introduction of support for Ordinals and BRC-20 standard tokens in exchange wallets.
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