OKX users can now verify that their assets are backed 1:1
- OKX is rolling out both a Proof of Reserves page on its website that shows its latest reserve ratios and a Self-audit tool that allows users to verify that their assets are backed 1:1
- The exchange is also launching an Independent Custodial Wallet that allows institutional clients to secure their assets separately from its reserves and hold the keys to their funds
VICTORIA, Seychelles, Nov. 23, 2022 (GLOBE NEWSWIRE) -- 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 clients1. 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.
For further information, please contact:
OKX is the second biggest global crypto exchange by trading volume and a leading web3 ecosystem. Trusted by more than 20 million global customers, OKX is known for being the fastest and most reliable crypto trading app for investors and professional traders everywhere.
As a top partner of English Premier League champions Manchester City F.C., McLaren Formula 1, golfer Ian Poulter, Olympian Scotty James, and F1 driver Daniel Ricciardo, OKX aims to supercharge the fan experience with new financial and engagement opportunities. OKX is also the top partner of the Tribeca Festival as part of an initiative to bring more creators into web3.
Beyond OKX’s exchange, the OKX Wallet is the platform's latest offering for people looking to explore the world of NFTs and the metaverse while trading GameFi and DeFi tokens.
To learn more about OKX, download our app or visit: okx.com
1 Eligibility criteria apply
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