OKX latest proof-of-reserves reveal $8.9B in assets

The planetary cryptocurrency speech OKX released its 5th variation of its proof-of-reserves (PoR) report, which it began releasing successful Nov. 2022 successful its effort for much transparency successful the industry. 

According to the latest edition, OKX holds $8.9 cardinal crossed Bitcoin (BTC), Ethereum (ETH) and the Tether stablecoin (USDT). This puts the reserve ratios of BTC, ETH and USDT astatine 103%, 103% and 102%, respectively.

This latest merchandise besides comes arsenic the speech upgraded its PoR strategy with much transparency by making afloat liabilities (i.e. the full equilibrium of idiosyncratic deposits) publically accessible.

Cointelegraph spoke with Lennix Lai, the managing manager of Global Institutional astatine OKX, regarding these other steps towards transparency.

Lai said that caller events successful manufacture item that, “crypto-native challenges necessitate crypto-native solutions.”

“The blockchain and crypto/Web3 manufacture is built connected exertion that enables trustless transactions connected nationalist blockchains, and this inherent transparency is incredibly valuable.”

Many exchanges successful the manufacture - similar Binance, Crypto.com and Bybit - person released specified Merkle-Tree-based verification proofs successful an effort to sphere the integrity of the manufacture aft the FTX liquidation scandal.

“The FTX situation had a metallic lining successful that it made palmy firms treble down connected information and transparency and motivated the manufacture to innovate successful this area.”

Lai said the caller mantra of the manufacture is “don’t spot - verify.” He said implicit 300,000 users person already viewed the reserves oregon verified their liabilities successful the OKX ecosystem.

The caller transparency mechanics that made the full equilibrium of idiosyncratic deposits disposable to the nationalist maintains idiosyncratic privateness nonetheless, done splitting and shuffling relationship liabilities successful the histrion done a solution known arsenic ‘splitting leafage nodes.’

According to Lai, OKX volition besides beryllium adding zero cognition impervious to our PoR successful the coming weeks.

Related: Tether’s assets transcend liabilities successful caller reserves study by BDO

After the clang of Silicon Valley Bank (SVB) transparency successful the greater fiscal manufacture has go adjacent much of a talking point. Lai said during times of uncertainty, specified arsenic the banking crisis: 

“Proof-of-reserves tin supply users with real-time, on-chain verification of reserves and liabilities done transparent exertion - successful this mode accepted concern differs from crypto.”

However, backmost connected Mar. 8, the Public Company Accounting Oversight Board, a U.S.-based watchdog overseeing audits of nationalist companies, issued a informing to investors about PoRs. The committee said these reports “don’t supply immoderate meaningful assurance to investors oregon the public.”

Nonetheless, companies successful the crypto manufacture proceed efforts successful transparency. On Feb. 10 Binance besides upgraded its PoR system to see zk-snarks.