The second-largest cryptocurrency exchange by trading volume, OKX has recently published a report pertaining to the Proof of Reserves (PoR).
OKX Publishes its PoR
This is not the first time, the exchange has published its PoR. This is the third monthly PoR released by the exchange.
OKX has published its third monthly PoR today and it shows that it has a vast number of clean assets. The report shows that the exchange currently has $7.5 billion in funds in the form of clean assets.
The firm has clarified that the funds that it holds all belong to the users that are part of the exchange. The exchange uses the term “clean assets” for the assets that do not include its native token.
The native token of the OKX exchange is OKB. It is among the highly reputed cryptocurrencies that are issued through the OKX exchange.
Funds Held by the Exchange
The report shared by the OKX exchange shows that the funds they currently hold include major currencies such as Ethereum (ETH) and Bitcoin (BTC).
Apart from these major cryptocurrencies, the exchange is also holding a massive number of USDT stablecoins.
These are the tokens with the largest market capitalizations and trading volumes throughout the cryptocurrency industry.
Claim Made by CryptoQuant
CryptoQuant, a major blockchain analytics firm has recently shared its findings pertaining to the assets information shared by the OKX exchange.
According to the particular firm, they have been monitoring the PoR reports shared by all the major and regulated exchanges. So far, they have found the PoR from the OKX exchange to be 100% clean.
The assets that the exchange currently has in its reserves are 100% clean.
Statement Released by Haider Rafique
Haider Rafique, the CMO at the OKX exchange remarked on the recent PoR shared by the exchange. He stated that they are glad that they have been staying true and loyal to their users as well as their funds.
Their exchange has always strived to offer transparency and security to their users. They have done this to build a very strong and trustworthy relationship.
Rafique stated that these aspects are the core tenets that they have adopted for their business. They are proud of their services and also the customer service they have been offering their entire community.
Now that they have started sharing their monthly PoR, they have started offering more data to their investors to increase their confidence in their business.
They have started gaining a leadership position in the market and have surpassed the Binance exchange.
When the Binance exchange shared its PoR report through the auditing company Mazars, it became an entirely new scandal. Even the auditing company had to delete the audit report from their end for Binance.
On the other hand, firms such as CryptoQuant are verifying that their PoR is as legit and authentic as a PoR report can be. This goes to show that they are already leading the market in terms of this particular aspect.
OKX’s PoR is Public
The exchange officials have confirmed that the PoR of their exchange is always public. The users wanting to look at their PoR can access it through GitHub’s open-source PoR portal.
The users of the OKX exchange can view the PoR report for the exchange as well without having to visit the GitHub platform. They can do it through the OKX Nansen Dashboard.
As per the exchange, they plan on releasing their PoR on a monthly basis for reference. They will maintain a standard, triggering a precedent that the entire cryptocurrency industry would follow in the coming future.
This way, they can continue gaining the trust of the investors and the users. This is the best solution to dealing with something such as the FTX crash.
The exchange is definitely to gain a lot of attention in the cryptocurrency industry. The assets being clean means that all of the funds belonging to the users are safe and protected.
They have not been misplaced at all or not have been lent to any other platforms just like the FTX had been practicing.