OKX Reveals $7.5B Clean Assets in Third PoR, Ensuring Security & Trust

• OKX, a popular crypto exchange, released its third Proof-of-Reserves (PoR), revealing holdings of “clean assets” worth $7.5 billion in BTC, ETH, and USDT.
• The PoR does not contain OKX’s native token.
• Chief Marketing Officer Haider Rafique stated that OKX’s commitment to security, transparency, and trust is reflected in its PoR publication.

OKX, one of the most renowned digital asset exchanges, has released its third Proof-of-Reserves (PoR) report, disclosing its holdings of “clean assets” worth $7.5 billion in Bitcoin (BTC), Ethereum (ETH), and Tether (USDT). This PoR does not include the exchange’s native token.

In the wake of the FTX liquidity and bankruptcy scandal, which wreaked havoc on the crypto market, digital asset service providers have begun publishing their reserve funds. OKX, in its efforts to ensure transparency and trust, has published its PoR report monthly.

Haider Rafique, Chief Marketing Officer of OKX, stated that, “Security, transparency, and trust are core tenets of the OKX business process and customer service philosophy. We’ve taken a leadership position by publishing our PoR monthly, and as industry standards for PoR continue to take shape, we expect that our reserve asset quality standards will become the gold standard across the industry.”

The PoR is a document designed to provide assurance to customers that the exchange holds the amount of assets represented in the document, and is used to verify the amount of funds the exchange has in its reserves. It is also used to ensure that the exchange is not insolvent, i.e. it has enough funds to cover customer withdrawals.

The PoR report released by OKX also details its reserve assets, which include $6.5 billion worth of BTC, $1 billion worth of ETH, and $500 million worth of USDT. The exchange also stated that its reserve assets are divided into four categories: core reserves, operational reserves, custodial reserves, and company reserves.

In its report, OKX also clarified that its reserves do not contain its native token, OKX, and that the token is not used as a security or collateral for the exchange’s operations. Lastly, OKX stated that it does not use any derivatives or leveraged positions for its reserves, and that its funds are held in cold storage.

In conclusion, OKX’s commitment to security, transparency, and trust is evidenced by its PoR publication. The report is designed to provide assurance to customers that the exchange holds the amount of assets represented in the document, and that the funds are held in cold storage. Furthermore, the PoR does not include OKX’s native token, and the exchange does not use any derivatives or leveraged positions for its reserves.