OKX, a crypto exchange, has released its proof-of-reserves. Previously, because of the FTX crisis, the community became much concerned about their holdings. To maintain the trust of the customers, crypto exchanges, including OKX, were determined to issue their proof of reserves. In a Twitter post shared by OKX on the 11^th of November, it mentioned that risk management, user protection, and transparency had been the focus of its attention.

OKX Declares New Proof of Reserves

In this respect, it revealed that an auditor would be hired by the firm. According to OKX, the company would publish the proof of reserves in the next 30 days. In addition to this, the firm revealed its 23 Bitcoin addresses (with almost 108,434 BTC in them). The company moved on to mention 13 ERC20 addresses (containing 1,051,208 ETH). While the USDT addresses have 3,061,068,937 assets. As per OKX, these amounts are included in their reserves and users can verify them.

It posted a tweet on the 9^th of this month, stressing the fact that the major crypto companies publicly offer Merkle Tree proof-of-reserves which would also be audited. In the words of OKX, this move was very significant to make a foundation of trust in the market. Now, when the company’s proof-of-reserves have been published, they disclose the reserve ratios of crypto tokens. In this respect, the $USDT, $ETH, and $BTC tokens’ reserve ratios are 101%, 102%, and 102% respectively.

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This tells that the token holdings of the consumers have sufficient reserves on their backs. This news would be optimistic for the clients who are worried about the aftershocks of the FTX crash. Apart from that, OKX enables the users to validate whether the assets in their possession are a part of the Merkle Tree. They can also verify the balance and the ownership of their wallet addresses. Along with declaring a 1:1 reserve allocated for the entire client assets, it additionally focused on the security of the funds.

The Exchange Assures to Publish Regular Audits for PoR

OKX specified that with proof-of-reserves (PoR) the customers will have more transparency than before. For the convenience of the users, OKX announced to publish audits for proof of reserves. The crypto exchange added that the clients are allowed to validate the reserve ratio. This can be done via the comparison between their cumulative asset holdings and the entire assets of the exchange.