Disclaimer: The Industry Talk section features insights by crypto industry players and is not a part of the editorial content of Cryptonews.com.
OKX exchange has this month released proof of reserves of all customer funds in light of the FTX insolvency and mismanagement of user assets, and more recently Grayscale failing to prove their reserves.
Cementing its reputation as one of the safest and best crypto exchanges (CoinMarketCap consistently ranks OKX in the top 10 exchanges, and CoinGecko in the top 5), that process began as early as November 12th, one day after FTX announced its filing for Chapter 11 bankruptcy.
OKX worked alongside trusted independent analytics platform Nansen.ai to produce the dashboard below. View OKX's assets portfolio on Nansen here.
In addition, OKX users can view a snapshot of OKX's holdings and latest reserve ratio on the OKX platform itself (formerly known as OKEx).
At the time of writing the latest snapshot was taken Nov 22nd, showing that OKX controlled BTC, ETH and USDT in excess of 100% of user holdings, i.e. that all assets are backed by at least 1:1 or more.
OKX exchange currently holds over 100,000 Bitcoin.
A message on the OKX website states:
Our greatest responsibility and number one priority is to ensure your funds are safe and secure at all times. We always maintain 1:1 reserves and pride ourselves on our long standing reputation for best-in-class security. Now, we're empowering you with greater transparency than ever before through Proof of Reserves (PoR). Our on-chain wallet holdings are public, so you can always verify that users' funds are backed 1:1 by real assets.
OKX go on to explain how their Proof of Reserves audits take place, using the Merkle tree verification method.
Clients onRead more on cryptonews.com