In order to maintain its position as the industry leader in security and transparency, reports claim that OKX is committed to increasing the transparency of PoR to the standard level of financial auditing.

It is one of the business’ couple of significant encryption trades that issue save testaments consistently.

With BTC, ETH, and USDT all having a reserve ratio of 103 percent and a total value of $11.3 billion, 22 publicly traded coins have all recently exceeded 100 percent.

OKX Global Chief Commercial Officer Lennix Lai stated:

“Security, transparency and trust are the core tenets of OKX’s operating philosophy. That’s why we’re committed to operating with complete transparency and providing regular PoR audits that users can independently verify. We hope that our efforts will raise the overall standard of the digital asset industry and establish new benchmarks for transparency and security.”

The process of confirming that a cryptocurrency exchange or financial institution’s customer assets match the number of assets kept in reserve on their behalf is known as proof of reserves (PoR). PoR has received a lot of attention as the most important way for crypto investors to protect their assets. Because it enables them to demonstrate that they have sufficient assets to support transactions and withdrawals, it is also an essential tool for crypto platforms.

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The liquidation of FTX and the disintegration of Three Bolts Capital both staggered the digital currency area. They called into uncertainty the reliability and respectability of digital money caretakers.

Customers are reassured that the company is viable and liquid enough to continue doing business with them when a PoR audit demonstrates that the on-chain holdings equal the client assets recorded on the balance sheet.

A third-party auditor who examines the assets and liabilities of a trading platform is frequently responsible for PoR. The auditors intend to publish their findings for the benefit of the general public after verifying the assertions made by the exchange. This theory assumes that exchange-owned reserves back up 1:1 the digital assets held in custody for users.

Currently, zk-STARK and other cutting-edge technology have been used to improve OKX’s PoR system, and users can independently verify OKX’s solvency at any time.