OKX Users Can Now Verify that Their Assets are Backed 1:1
- 23.11.2022 05:20 pm
OKX, the world’s second-largest crypto exchange by trading volume, has launched three new leading offerings that are granting its retail and institutional users greater visibility into their assets, and what is backing them, as well as greater control over their funds.
OKX today launched the new Proof of Reserves (PoR) page on its website. OKX has always maintained 1:1 reserves, and this page demonstrates that fact and explains why PoR is important. In addition to providing information on how proof of reserves works, the page provides instructions including how users can verify that their assets have become a “Merkle leaf” in the Merkle tree data structure. The page also provides information on OKX’s PoR audits and its latest reserve ratios across tokens.
To take transparency and user empowerment even further, OKX will this week be launching a self-audit feature that allows users to verify that their funds are backed by reserves based on data provided by the most recent snapshot. Currently, the self-audit feature supports Bitcoin (BTC), Ethereum (ETH), and Tether (USDT), with more assets set to be added over time. OKX will conduct regular proof of reserves audits to update its reserve balances and the status of user assets within its reserves.
OKX is also set to become the first exchange to launch an Independent Custodial Wallet service for institutional and high-net-worth clients. In the coming weeks, the company will roll out an independent custodial wallet that will allow users to secure their assets separately from its reserves, view and track their wallet balances in real-time, and hold the private keys to their funds. This will give users greater visibility and control over their assets.
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. Third-party audits are also being conducted to provide additional reassurance on top of this. We believe that a far greater degree of transparency needs to be brought to our industry to allow us to build back stronger after recent events.”
OKX’s number one priority is to ensure that the funds of its 20+ million customers worldwide are safe and secure at all times. It has always maintained 1:1 reserves and prides itself on its long-standing reputation for best-in-class security.