- OKX's PoR also covers DOGE, SOL, USDC, XRP, OKB, APT, DASH, ETC
- OKX solvency can be verified via zero-knowledge scalable technology
- Merkle Tree PoR program contains 180,000+ published addresses
OKX, the second-biggestcryptoexchange by trading volume, published its seventh monthly Proof of Reserves (PoR) showing $10 billion in Bitcoin, Ethereum and Tether (USDT), Bankless Times learned from a press release.
Proof of Reserves refers to a mechanism or method that allows users of a cryptocurrency exchange or custodial service to verify that the platform holds the assets it claims to have. It provides transparency and assurance that the service is solvent and has the required reserves to cover customer balances.
PoR covers two dozen popular digital assets
OKX's PoR also covers assets such as DOGE, SOL, USDC, XRP,OKB, APT, DASH, ETC, FIL, LINK, DOT, ELF, EOS, LTC, OKT, TRX and UNI.
After OKX introduced zero-knowledge scalable technology in April, its customers could independently verify its solvency by confirming that its reserves fully backed its users’ assets. Zero-knowledge technology also protects the privacy of account balances. Currently, OKX's reserve ratios are 103% for BTC, ETH, and USDT.
OKX Global CCO Lennix Lai said:
Since late 2022, OKX has set the highest industry standards for security and transparency via Proof of Reserves. Our pledge to users is to further improve our PoR system and streamline our use of zero-knowledge technology. We see PoR as a dynamic process that is an absolute imperative to earn and maintain the trust of our users in the long run.
Almost 200K addresses for Merkle Tree program
The exchange’s Merkle Tree PoR program contains more than 180,000 published addresses. Merkle Trees are a data structure that allows for efficient verification of the inclusion of specific data within a large set.
By providing a cryptographic proof using a Merkle tree, OKX can demonstrate that a specific user's balance is included in the total reserves without revealing individual account details.
Proof of Reserves helps build trust and confidence among users by ensuring that the service is not engaging in fractional reserve practices or other fraudulent activities.
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