OKX Boosts Crypto Reserves by $3.8 Billion

The OKX exchange published its ninth monthly Proof-of-Reserves report, showing $11.3 billion in Bitcoin, Ethereum and the stablecoin USDT from Tether.

Over the last two months the metric has risen by $1.3 billion, since the start of the year by $3.8 billion.

The report covers 22 digital assets, including USD Coin (USDC), Dogecoin (DOGE), XRP from Ripple, Solana (SOL) and others. According to the exchange, client assets on the platform are backed by more than 100%.

The exchange regards as reserve assets cryptocurrencies that offer high liquidity and are recognised by the market.

OKX client assets are primarily held in cold wallets.

According to the press release, the company has logged hundreds of thousands of views of the Proof-of-Reserves page and the self-audit tool since the services were launched in late 2022.

For auditing balances, the platform takes a snapshot and uses an encrypted Merkle tree to guard against unauthorized access.

After the implementation in April 2023 of zero-knowledge proofs zk-STARK in the Proof-of-Reserves mechanism, users could independently verify the exchange’s solvency.

In May 2023, the company filed an application to obtain the status of a registered digital asset service provider in France.