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Only Exchange with Monthly PoR Since FTX’s Fall

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Only Exchange with Monthly PoR Since FTX’s Fall

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After the
high-profile collapse of the cryptocurrency exchange, FTX in November 2022, the
industry began looking for solutions to assure investors that centralized
trading platforms are safe. This led to the idea of creating Proof of Reserves
(PoR) to show the current state of a given exchange’s capital reserves. OKX has
just published its tenth consecutive PoR report, showing $10.4 billion in
reserves in Bitcoin (BTC), Ethereum (ETH), and Tether (USDT).

Proof of
Reserves is a mechanism that allows cryptocurrency exchanges to demonstrate
that they hold sufficient reserves to cover the digital assets owned by their
users. This is crucial for maintaining trust and security in an industry often
scrutinized for its lack of transparency. A consistent PoR assures users and
sets a precedent for other exchanges to follow, elevating industry standards.

OKX’s 10th
PoR showed balances of $10.4 billion in primary assets, including BTC, ETH and
USDT. This makes OKX the only major crypto exchange to release ten consecutive
monthly PoR reports to date. The reports also revealed that OKX has maintained a
reserve ratio exceeding 100% for ten consecutive months across 22 commonly used
digital assets.

Compared to
the previous month, the value of the reserves has decreased. In July’s installment of the PoR report, the exchange reported that it held $11.3 billion
in reserves. The decline may be due to the low valuations of major crypto
assets in dollars. However, reserves have significantly increased since the
beginning of the year, when they stood at $7.5 billion in January.

The assets
included in OKX’s PoR are not limited to BTC, ETH, and USDT. They also include
other popular digital assets like USDC, XRP, DOGE, and more. Specifically, the
reserve ratios for BTC, ETH, and USDT were 102%, 102%, and 103%, respectively.

84% of OKX Users Think PoR
Reports Are Important

OKX
conducted two Twitter surveys to gauge the sentiment of the online crypto
community regarding the importance of PoR and transparency. 84% of respondents
stated that monthly PoR reports are either ‘somewhat important’ or ‘very
important,’ and 88% emphasized the importance of transparency when choosing a
crypto platform. This shows that OKX’s focus on transparency resonates well
with its user base.

“We
asked our community how important PoR and transparency from exchanges are to
them, and the results were as expected – users continue to call for monthly PoR
and greater transparency,” Lennix Lai, the Global Chief Commercial Officer
at OKX, commented. “At OKX we take user feedback to heart and will
continue to invest in future tools for security and transparency in order to
continue earning user trust.”

The
consistent PoR snapshots have coincided with an increase of 38% in assets under
management on OKX. This demonstrates that commitment to transparency and
security is not just a marketing gimmick but a business model that adds value
to users and the crypto industry.

OKX Moves to Hong Kong and
Dubai

In a move
to extend its global footprint, OKX, one of the world’s leading cryptocurrency
exchanges by trading volume, revealed its intention to set up an operational
base in Hong Kong earlier this year. The exchange has formed a local subsidiary
and was in the process of applying for a license to operate as a Virtual Asset
Service Provider (VASP) under Hong Kong’s updated Anti-Money Laundering and
Counter-Terrorist Financing Ordinance, which has been effective since June 2022.

The
exchange has seen a surge in new user sign-ups from Hong Kong, tallying over
10,000
within just a month after the updated regulations were implemented. This
comes after OKX’s 18-month-long strategic investment in human resources and
infrastructure, aimed at bolstering its application for a VASP license in the
city.

Concurrently,
OKX has secured a Minimal Viable Product (MVP) Preparatory license from Dubai’s
Virtual Assets Regulatory Authority
, as part of its broader expansion plans in
the Middle East, which includes scaling up its workforce.

After the
high-profile collapse of the cryptocurrency exchange, FTX in November 2022, the
industry began looking for solutions to assure investors that centralized
trading platforms are safe. This led to the idea of creating Proof of Reserves
(PoR) to show the current state of a given exchange’s capital reserves. OKX has
just published its tenth consecutive PoR report, showing $10.4 billion in
reserves in Bitcoin (BTC), Ethereum (ETH), and Tether (USDT).

Proof of
Reserves is a mechanism that allows cryptocurrency exchanges to demonstrate
that they hold sufficient reserves to cover the digital assets owned by their
users. This is crucial for maintaining trust and security in an industry often
scrutinized for its lack of transparency. A consistent PoR assures users and
sets a precedent for other exchanges to follow, elevating industry standards.

OKX’s 10th
PoR showed balances of $10.4 billion in primary assets, including BTC, ETH and
USDT. This makes OKX the only major crypto exchange to release ten consecutive
monthly PoR reports to date. The reports also revealed that OKX has maintained a
reserve ratio exceeding 100% for ten consecutive months across 22 commonly used
digital assets.

Compared to
the previous month, the value of the reserves has decreased. In July’s installment of the PoR report, the exchange reported that it held $11.3 billion
in reserves. The decline may be due to the low valuations of major crypto
assets in dollars. However, reserves have significantly increased since the
beginning of the year, when they stood at $7.5 billion in January.

The assets
included in OKX’s PoR are not limited to BTC, ETH, and USDT. They also include
other popular digital assets like USDC, XRP, DOGE, and more. Specifically, the
reserve ratios for BTC, ETH, and USDT were 102%, 102%, and 103%, respectively.

84% of OKX Users Think PoR
Reports Are Important

OKX
conducted two Twitter surveys to gauge the sentiment of the online crypto
community regarding the importance of PoR and transparency. 84% of respondents
stated that monthly PoR reports are either ‘somewhat important’ or ‘very
important,’ and 88% emphasized the importance of transparency when choosing a
crypto platform. This shows that OKX’s focus on transparency resonates well
with its user base.

“We
asked our community how important PoR and transparency from exchanges are to
them, and the results were as expected – users continue to call for monthly PoR
and greater transparency,” Lennix Lai, the Global Chief Commercial Officer
at OKX, commented. “At OKX we take user feedback to heart and will
continue to invest in future tools for security and transparency in order to
continue earning user trust.”

The
consistent PoR snapshots have coincided with an increase of 38% in assets under
management on OKX. This demonstrates that commitment to transparency and
security is not just a marketing gimmick but a business model that adds value
to users and the crypto industry.

OKX Moves to Hong Kong and
Dubai

In a move
to extend its global footprint, OKX, one of the world’s leading cryptocurrency
exchanges by trading volume, revealed its intention to set up an operational
base in Hong Kong earlier this year. The exchange has formed a local subsidiary
and was in the process of applying for a license to operate as a Virtual Asset
Service Provider (VASP) under Hong Kong’s updated Anti-Money Laundering and
Counter-Terrorist Financing Ordinance, which has been effective since June 2022.

The
exchange has seen a surge in new user sign-ups from Hong Kong, tallying over
10,000
within just a month after the updated regulations were implemented. This
comes after OKX’s 18-month-long strategic investment in human resources and
infrastructure, aimed at bolstering its application for a VASP license in the
city.

Concurrently,
OKX has secured a Minimal Viable Product (MVP) Preparatory license from Dubai’s
Virtual Assets Regulatory Authority
, as part of its broader expansion plans in
the Middle East, which includes scaling up its workforce.



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