In a significant milestone for the cryptocurrency exchange sector, OKX has successfully completed its 36th consecutive monthly Proof of Reserves (PoR) report, revealing a robust $35.4 billion in primary assets backing customer funds. This extensive verification process, carried out in conjunction with blockchain security firm Hacken, demonstrates that OKX maintains over 100% coverage across 22 major cryptocurrencies, underscoring the exchange’s commitment to transparency and customer security.
The exchange’s assets have surged by 75% compared to the previous year, a noteworthy increase that showcases its growth and reliability in an increasingly competitive market. According to the report released on October 30, OKX ensures that it has sufficient reserves to fully back all customer funds on its platform, including key cryptocurrencies such as Bitcoin, Ethereum, Solana, Tether, and USD Coin.
OKX boasts a 105% coverage ratio for its Bitcoin reserves, meaning that the exchange holds more Bitcoin than the balances of its customers. Similarly, Ethereum and Solana both stand at a healthy 102% in reserves, indicating a robust surplus beyond customer holdings. The stablecoin segment also reflects strong backing; Tether exhibits a reserve ratio of 106%, while USD Coin fully matches customer deposits at exactly 100%.
The exchange’s commitment to asset security extends beyond major cryptocurrencies. For instance, Dogecoin maintains a 101% reserve ratio and Ripple’s reserves exceed customer balances by 6%, which adds an extra layer of security for XRP holders. These figures illustrate OKX’s policy of holding excess assets to safeguard customer investments.
Customer engagement with the platform’s audit features has seen remarkable growth in the past year. The ‘View My Audit’ feature has experienced a 123% increase in user participation, signaling a rising trend among customers who prioritize monitoring their asset security. Additionally, the use of zero-knowledge verification technology has skyrocketed by 386%, indicating that users are increasingly employing advanced cryptographic tools to privately verify the safety of their assets.
The exchange has commented on the evolution of its Proof of Reserves initiative, noting that it has transformed from a response to past challenges into a standard practice within the industry. According to OKX, the three years of continuous PoR reporting illustrate both progress and consistency, reinforcing the notion that trust in the platform is readily verifiable through on-chain transparency.
In another strategic move, OKX has extended its partnership with Standard Chartered to the European Economic Area. This collaboration allows institutional clients to trade on the OKX platform while keeping their assets secured with the bank, which is recognized as a Global Systemically Important Bank. This partnership effectively combines the liquidity of the cryptocurrency exchange with the security protocols of traditional banking, enabling institutional traders to operate without transferring assets from bank custody.
The ongoing expansion of OKX’s institutional services, bolstered by traditional banking partnerships, indicates a significant push into regulated markets. Third-party custody arrangements further enhance the security of client funds across various cryptocurrencies, establishing a more seamless bridge between emerging cryptocurrency markets and established financial systems.
