OKX Releases 7th Proof Of Reserves Report
OKX, a cryptocurrency exchange based in Seychelles, has released its eighth PoR report in an attempt to set a new standard for transparency and confidence in the cryptocurrency business.
According to a recent estimate, OKX has $10 billion in BTC, ETH, USDT, and other assets.
Furthermore, as of May 19, 2023, OKX was audited and determined to have reserve ratios of 103% for Bitcoin, 103% for Ethereum, and 103% for US Dollar Tether. The PoR includes not just USDC, XRP, DOGE, SOL, and TRX, but also 19 more popular cryptocurrencies.
Since April, users have been able to independently verify the exchange’s solvency. Because of the zk-STARK protocol. The zk-STARK system protects its users’ privacy by concealing their account balances.
Users will be able to confirm that all client deposits have been accounted for by comparing the net equity of user assets to exchange reserves. Thanks to the zk-STARK technological update that the cryptocurrency exchange announced its plans to execute back in March.
(With inputs from Shikha Singh)
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