Meet the Sole Crypto Exchange Publishing Proof of Reserves After FTX's Downfall

<p>After the
high-profile collapse of the cryptocurrency exchange <a href="https://www.financemagnates.com/cryptocurrency/ftx-the-rise-the-fall-and-the-reaction/" target="_blank" rel="follow">FTX in November 2022</a>, the
industry began looking for solutions to assure investors that centralized
trading platforms are safe. This led to the idea of creating Proof of Reserves
(PoR) to show the current state of a given exchange's capital reserves. OKX has
just published its tenth consecutive PoR report, showing $10.4 billion in
reserves in Bitcoin (BTC), Ethereum (ETH), and Tether (USDT).</p><p>OKX Announces 10th
Consecutive Proof of Reserves</p><p>Proof of
Reserves is a mechanism that allows cryptocurrency exchanges to demonstrate
that they hold sufficient reserves to cover the digital assets owned by their
users. This is crucial for maintaining trust and security in an industry often
scrutinized for its lack of transparency. A consistent PoR assures users and
sets a precedent for other exchanges to follow, elevating industry standards.</p><p>OKX's 10th
PoR showed balances of $10.4 billion in primary assets, including BTC, ETH and
USDT. This makes OKX the only major crypto <a href="https://www.financemagnates.com/terms/e/exchange/">exchange</a> to release ten consecutive
monthly PoR reports to date. The report also revealed that OKX has maintained a
reserve ratio exceeding 100% for ten consecutive months across 22 commonly used
digital assets.</p><blockquote><p lang="en" dir="ltr">