OKX Boosts Transparency in Crypto with Fifth Proof-of-Reserves Report
OKX, a global cryptocurrency exchange, has released its fifth proof-of-reserves (PoR) report as part of its effort to increase transparency in the industry.
According to OKX’s PoR report, the exchange holds $8.9 billion worth of Bitcoin (BTC), Ethereum (ETH), and Tether (USDT), with reserve ratios of 103%, 103%, and 102%, respectively.
Lennix Lai, a managing director at OKX, stated that recent events in the industry have emphasized the need for “crypto-native solutions.”
Lai believes the FTX crisis had a silver lining: it motivated the industry to innovate in security and transparency.
He acknowledged that the Public Company Accounting Oversight Board has warned investors about PoRs, stating that these reports “don’t provide any meaningful assurance to investors or the public.” Despite this, companies in the crypto industry continue to make efforts toward transparency.
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Reportedly OKX will soon add zero-knowledge proof to its PoR. He noted that OKX’s new transparency mechanism maintains user privacy through a solution known as “splitting leaf nodes,” which splits and shuffles account liabilities.
Finally, Lai stated that transparency in the greater financial industry had become even more of a talking point following the crash of Silicon Valley Bank (SVB).
Alexander Stefanov
Reporter at CoinsPress
Alex is an experienced finance journalist and a cryptocurrency and blockchain enthusiast. With over five years of experience covering the industry, he deeply understands the complex and constantly evolving world of digital assets. His insightful and thought-provoking articles provide readers with a clear picture of the latest developments and trends in the market. His passionate approach allows him to break down complex ideas into accessible and insightful content. Follow up on his content to be up to date with the most important trends and topics - stay ahead of the curve with CoinsPress.
