- OKX sets industry standards over past year with new features and improvements including zero-knowledge and Merkle tree technology, plus increased asset coverage
• Industry recognition includes highest quality rating among major exchanges by expert Nic Carter
HONG KONG – October 31, 2023 – OKX, a leading global Web3 technology company and crypto exchange, today published its industry-best 12th monthly Proof of Reserves (PoR), showing US$12.5 billion in primary assets backing user funds.
The monthly disclosure marks a full year of PoR reports, during which OKX drove the industry’s adoption of new standards by adding new features and improvements such as zero-knowledge proofs, Merkle tree technology and increased asset coverage.
As a leading global voice on PoR, OKX also held monthly AMAs to engage the crypto community over the last 12 months, featuring OKX President Hong Fang, CMO Haider Rafique, Global Chief Commercial Officer Lennix Lai and moderated by well-known crypto influencers such as Nic Carter, Daniel Borovik and David Gokhshtein.
OKX’s PoR covers 22 commonly used digital assets and shows that OKX has maintained a reserve ratio exceeding 100% for 12 consecutive months across all assets. In addition to BTC, ETH and USDT, the assets included are: USDC, XRP, DOGE, SOL, OKB, APT, DASH, DOT, ELF, EOS, ETC, FIL, LINK, LTC, OKT, PEOPLE, TON, TRX and UNI.
OKX’s current reserve ratios are as follows:
• BTC: 103%
• ETH: 103%
• USDT: 103%
OKX’s approach to Proof of Reserves has been continuously iterated and improved, and recently was given the highest quality rating among major exchanges by blockchain expert Nic Carter.
OKX consistently enhanced its Proof of Reserves in the past year. Significant milestones include:
• November 2022 – OKX First Proof of Reserves
OKX becomes one of the first major crypto exchanges to publish Proof of Reserves
• March 2023 – Merkle Tree Upgrade
OKX upgrades the transparency of Proof of Reserves, making the full liability Merkle tree publicly available while safeguarding user privacy
• April 2023 – zk-STARK Upgrade
OKX introduces zk-STARK technology to Proof of Reserves, allowing users to independently verify exchange solvency and confirm their assets are backed
• April 2023 – Increased Asset Coverage
OKX increases Proof of Reserves assets coverage to 22 popular cryptocurrencies publishing over 220,000 public wallet addresses
• September 2023 – Top-Ranked Proof of Reserves
Expert Nic Carter ranks OKX’s Proof of Reserves as “highest quality” among major exchanges
• October 2023 – One Year of Proof of Reserves
OKX publishes its 12th monthly Proof of Reserves report, celebrating first year of industry leadership
OKX Chief Marketing Officer Haider Rafique said: “This milestone represents twelve months of strong efforts to publish hundreds of thousands of blockchain addresses, implement zero-knowledge technology to allow trustless verification and consistently listen to feedback and improve the report. I’d like to take this opportunity to encourage you, whether you’re a user of OKX or not, to take a new look at our Proof of Reserves as we set the standard for a crypto industry that stands for trust and transparency, always.”
OKX has seen hundreds of thousands of users engage with its PoR, visit its PoR page and view their self-audits since first launching its PoR page in November 2022. The open-source verification tool allows users to independently verify OKX’s solvency and confirm their assets are backed by OKX reserves while maintaining their privacy.
Momentum around Proof of Reserves as an industry standard has been building this year, with two US Senators recently proposing mandatory PoR in the PROOF Act unveiled in October 2023.
