The Seychelles-based cryptocurrency exchange OKX has published its 7th proof-of-reserves (PoR) report in an effort to establish a new standard for transparency and confidence in the industry.
OKX has Published the 7th Proof of Reserves (PoR) Report
As of May 19, 2023, an audit of OKX revealed reserve ratios of 103% for Bitcoin, 103% for Ethereum, and 103% for US Dollar Tether. The PoR includes 19 other well-known cryptocurrencies in addition to popular cryptocurrencies, including USD Coin (USDC), Ripple (XRP), Dogecoin (DOGE), Solana (SOL), and Tron (TRX).
Users have been able to independently verify the exchange’s solvency since April. The Zero-Knowledge Scalable Transparent Argument of Knowledge (zk-STARK) protocol is responsible for this. By hiding account balances, the zk-STARK system safeguards users’ privacy.
By contrasting the net equity of user assets to exchange reserves, users can verify that all client deposits have been taken into account with the zk-STARK technology update that the cryptocurrency exchange revealed its ambitions to implement back in March.
OKX Prepares to Launch in Many Countries
In order to be registered as a Digital Asset Service Provider (DASP), the Seychelles-based business last week submitted an application to the French financial authorities AMF and ACPR. A Turkish office will be opened by OKX as part of its international expansion strategy, which the company announced earlier this month.