JAKARTA - OKX as one of the leading crypto exchanges, has taken proactive steps to ensure transparency and security of its users' assets. By regularly publishing Reserve Evidence Reports or Proof of Reserves (PoR) every month, OKX offers transparency related to the company's financial health.
On March 27, 2024, OKX released its newest PoR, marking its 17th report since the industry-challenging market incident in 2022. The report noted an impressive balance of $22.2 billion, which shows full support for user funds with a reserve ratio exceeding 100%.
OKX's Commitment In Transparency
In its latest report, OKX shows that they have more than enough assets to guarantee user funds, with a reserve ratio for Bitcoin of 102%, Ethereum 104%, and USDT 106%. This confirms that every asset stored by a user on the OKX platform is guaranteed of the same value, providing calm of mind for traders and investors.
This OKX initiative is a direct response to the need for greater transparency after the fall of FTX and Terra (LUNA) problems. With PoR, OKX not only shows their balance power but also their commitment to building trust among users. Lennix Lai, OKX's chief commercial officer, stressed that this report is part of a continuing effort to strengthen trust and transparency in the crypto ecosystem.
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Not only that, but OKX has also gained recognition for their approach to transparency, by gaining the highest quality ranking among major exchanges, according to Nic Carter, a blockchain expert. This shows that OKX's efforts at providing high-quality PoR have found a place in the heart of the crypto community.
Not Only OKX Committed
OKX is not the only one committed to transparency. Other exchanges such as Binance, Bybit, KuCoin, CryptoCom, Bitfinex, Gateio, Kraken, and Huobi Global, now known as HTX, have also adopted similar practices. This signifies a positive trend in the crypto industry, where exchanges are trying to increase public trust through greater transparency.
CoinMarketCap, as a researcher and blockchain market tracker, has also contributed to this mission by launching a new feature that supports transparency in the crypto space. Such initiatives are important to ensure that accurate and reliable data is available to all users.
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