OKX, one of the largest cryptocurrency exchanges in the world, has released a new section of its website devoted to “Proof of Reserves” (PoR). Three new industry-leading products are highlighted on the page, all of which give retail and institutional clients more insight into their holdings and the security of their money. In addition, the website details the most recent reserve ratios for all tokens on OKX and the results of PoR audits conducted by the exchange.
OKX has taken PoR transparency a notch higher
Self-audit currently works with Bitcoin (BTC), Ethereum (ETH), and Tether (USDT), with support for additional assets planned. Furthermore, when OKX launches its Independent Custodial Wallet service, it will be the first cryptocurrency exchange to offer such a feature to institutional and high-net-worth customers. On the new PoR page, users can check that their assets have become a “Merkle leaf” in the Merkle tree data structure by following the steps outlined on the page. The page also explains how proof of reserves operates.
OKX is implementing a self-audit function this week so that users may check the latest snapshot data to make sure their money is supported by reserves. This is another step toward greater transparency and user engagement on the platform. Also, OKX says it is going to conduct periodic updates to its reserves balances, as well as the status of user assets within its reserves by conducting proof of reserves audits on a regular basis.
Lennix Lai, Director of Financial Markets, OKX, said: “Our new proof of reserves page and self-audit feature give users the ability to verify that their assets are 100% backed.”
In the near future, OKX users will be able to operate a wallet that is completely distinct from the company’s reserves. That will enable them to keep track of their holdings in real-time and keep the private keys to their assets. Users will have better insight into and management of their possessions as a result.