JAKARTA The crypto trading company OKX has reportedly announced its second OKX or Proof-of-Reserve (PoR) reserve fund recently. This announcement is intended to prove the company's transparency level to the public.
This is also intended to increase consumer confidence in crypto exchanges after the bankruptcy of FTX. OKX users can download corporate PoR, both last and future PoR releases.
More importantly, the evidence of these reserve funds shows that OKX can fulfill all withdrawal obligations without having to be constrained by the liquidity crisis as experienced by other crypto exchange companies including FTX.
FTX bankruptcy has fueled large numbers of crypto trading companies to voluntarily increase their transparency. Coinpeaker reports the fear of a community reaction to the collapse of FTX, which many people judged as one of the heaviest in the industry until early November, prompted OKX to join a number of leading crypto exchanges that published Proof-of-Reserve last month.
However, unlike many people in the crypto space, OKX has now decided that the report will be released every month. That way, users can download monthly reports to verify company claims.
"Perbitkan hasil PoR setiap bulan memperkuat komitmen kami untuk memimpin industri dalam hal transparansi dan kepercayaan," kata Chief Marketing Officer Haider Rafique.
"At OKX, we believe that PoR should be verifiable through an open source tool so that users can verify their own balance and ownership of our backup address," Rafique added.
OKX plans to release its monthly PoR report on the 22nd day. Users can download old reports and new reports. This is different from PoR reports made by other crypto exchanges that have not stated their commitment to release Proof-of-Reserve every month as OKX does.
OKX Savings Fund
That way, OKX explained that all of its wallet addresses can be audited by anyone to strengthen consumer confidence. In its report, OKX announced that it has a balance of 113,754 Bitcoins worth 1.87 billion US dollars. While the Bitcoin balance of its platform users is in the range of 112,192 BTC. Then, OKX's Ethereum (ETH) amounted to 1,124,295. Given the company's balance, OKX user funds will be limited to 1,091,007 ETH.
USDT also has a substantial reserve ratio of 101 percent above the user balance of 3,118,778,203 and an OKX wallet balance of 3,137,965,012. According to a review of the exchange addresses by Nansen, it was found that these three assets: Bitcoin, Ethereum, and USDT, formed about 90 percent of all holdings.
This cannot be equated with the risk of concentration because the stock exchange currently has a feature to facilitate the transfer of value from one asset to another. With a plan to publish a report every month, OKX has set new standards for transparency that users may be asking for from all other trading platforms.
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