OKX has marked its one-year anniversary of consistently publishing Proof of Reserves, showcasing a commitment to transparency and trust.
OKX has marked its one-year anniversary of consistently publishing proof of reserves, showcasing a commitment to transparency and trust.
In the past year, the major player in the crypto world has been working hard to build trust and transparency, after the issues in the market caused by the FTX collapse. The company has been publishing their proof of reserves (PoR) monthly for a year, showing that it has enough assets to cover all user holdings, to help augment user trust.
The latest PoR from OKX discloses that it has $12.5 billion in major cryptocurrencies like BTC, ETH and USDT, making up 103 percent of what users have put into the platform. With this, OKX has shown it has more than enough to cover all user funds, a key point in building customer loyalty.
OKX isn’t just about holding cryptocurrencies; it is also a tech company making it easier for users worldwide to get involved in this space. In the last couple few years, the company has totaled over 50 million users and has become one of the largest crypto firms in the world.
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OKX ran a survey in August, where 67 percent of the respondents said that monthly PoR is very important, showing this is something the crypto community values highly.
OKX’s Chief Marketing Officer Haider Rafique spoke about the common concerns users have regarding centralized exchanges, highlighting the issues of security, solvency and downtimes. Rafique pointed out that 84 percent of OKX users agreed on the importance of PoR in alleviating solvency fears.
Rafique also shed light on OKX’s custody model, explaining their use of a “hybrid custody model” that incorporates both cold wallets, controlled directly by OKX, and warm wallets, managed with third-party custodians. The CMO also hinted at future expansions, potentially tailoring custody solutions to different types of clients based on their unique needs.
OKX has shown it is committed to setting a high standard for transparency and trust in the crypto world, and is willing to show proof to anyone who wishes to see it.