OKX Releases Its Second Proof of Reserves to Meet Investor's Growing Demands

Cryptocurrency exchange OKX has released its second Proof of Reserves (PoR) report, amid growing demands from crypto investors for transparency from cryptocurrency exchanges.

The PoR was published on its official website, showing the company's on-chain and off-chain asset balances, as well as a complete list of wallet addresses. The report claimed that the exchange has a Bitcoin and Tether reserve ratio of 101% and an Ethereum reserve ratio of 103% as of December 20.

OKX has also promised to release its monthly report on the 22nd of each month for clients to know about its reserves on a regular basis.

Haider Rafique, Chief Marketing Officer of OKX, said: "Publishing PoR results on a monthly basis strengthens our commitment to lead the industry when it comes to transparency and trust. At OKX, we believe that PoR should be verifiable via open source tools so that users can self-verify the balances and ownership of our reserve addresses."

OKX was one of the first cryptocurrency exchanges to provide PoR to its customers and other stakeholders. Previously, Crypto.com​, Binance, KuCoin, Gate.io, etc. have also released or promised to release such certificates to improve their transparency, so as to restore customers' trust and confidence in the crypto industry.

Since the collapse of LUNA​ this year, the crypto industry has been in a downturn. The successive bankruptcy of cryptocurrency exchanges Celsius, Voyager​, FTX​ has made the industry even worse. At present, several major professional auditors have suspended providing services to crypto companies. For example, Mazars Group, which had issued PoR report for Binance, has cut off its contact with customers in the digital asset field, causing the industry to suffer another blow.