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OKX has now backed its customer assets with $35.4 billion in primary holdings, reflecting a 75% increase year-over-year, as its 36th consecutive Proof of Reserves (PoR) report sets a new verifiable standard for an industry under regulatory watch.
Summary
- OKX celebrates three years of uninterrupted Proof of Reserves reporting, confirming $35.4B in fully backed assets across 22 different tokens.
- The exchange showcases a 75% annual growth in reserves, boasting over 100% coverage for key assets such as BTC, ETH, and USDT.
- User participation is thriving, with zero-knowledge audits increasing by 386% and “View My Audit” usage rising by 123%.
In a press release dated Oct. 30, OKX revealed the completion of 36 consecutive months of Proof of Reserves reporting, affirming that $35.4 billion in primary assets completely back customer funds.
The exchange stated that the reserves, validated by blockchain security firm Hacken, exhibit over 100% coverage across 22 principal assets, including Bitcoin (BTC), Ethereum (ETH), Solana (SOL), Tether (USDT), and USD Coin (USDC).
This marking milestone also indicates a 75% increase in total assets year-over-year, alongside a notable uptick in on-chain audit engagement, suggesting that users are actively validating their holdings instead of merely keeping them.
“Three years of PoR reporting illustrate progress and reliability. What began as a response to a crisis has now become a standard in the industry. As cryptocurrency further integrates with traditional finance, we will ensure that trust remains verifiable—on-chain and accessible to all,” stated OKX in the release.
Transparency in numbers: How OKX’s reserves stack up
OKX’s latest Proof of Reserves confirms that its leading holdings remain fully backed, exceeding industry standards for coverage ratios. For Bitcoin, the exchange reports a 105% reserve ratio, indicating it holds more BTC than is traded on its platform.
Likewise, Ethereum is backed at 102%, and Solana reserves also stand at 102%. In the stablecoin arena, Tether is significantly over-collateralized at 106%, with USD Coin fully backed at 100%.
This verifiable assurance extends to major altcoins as well. Dogecoin (DOGE), a memecoin with a vast circulating supply, maintains a 101% reserve ratio on the platform. Ripple (XRP) is also fully backed, with reserves surpassing customer balances by 6%. A portion of these assets for each altcoin is held in third-party custody, adding an extra layer of security and separation for client funds.
Aside from the figures, user participation has surged with these monthly attestations. Engagement with the ‘View My Audit’ feature has witnessed a staggering 123% increase year-over-year.
Notably, the application of zero-knowledge (ZK) verification technology surged by 386% in the same timeframe. This trend signifies a crucial change in user behavior, indicating that traders are now more active participants in the audit process, utilizing advanced tools to privately verify the safety of their assets.
Building bridges to traditional finance
Expanding on this solid foundation of verifiable solvency, OKX is establishing essential connections with traditional finance. The exchange has recently bolstered its collaboration with banking giant Standard Chartered within the European Economic Area.
This partnership enables institutional clients to trade on the OKX platform while their assets are securely managed by the Global Systemically Important Bank (G-SIB), effectively combining crypto exchange liquidity with the security protocols of traditional finance.
Underpinning these initiatives is an enhanced security framework. OKX has announced it has achieved the ISO/IEC 27001:2022 certification for information security management and the CSA STAR Level 1 attestation for cloud security.
