OKX Boosts Crypto Reserves by $3.8B in 2023, Makes 210,000 Addressses Public

<p>In an ongoing
effort to maintain transparency in the crypto sphere, OKX has published its
ninth consecutive monthly Proof of Reserves (PoR). The latest PoR indicates a
substantial balance of $11.3 billion, majorly in <a href="https://www.financemagnates.com/terms/b/bitcoin/">Bitcoin</a> (BTC), Ethereum (ETH)
and Tether (USDT). </p><p>One of
the world's largest cryptocurrency exchanges by trading volume maintained the
reserves it reported a month ago and <a href="https://www.financemagnates.com/cryptocurrency/okx-publishes-por-boosts-crypto-reserves-by-25b-in-2023/" target="_blank" rel="follow">increased them by $1.3 billion over the past two
months</a>.</p><p>OKX Publishes New Proof of
Reserves Report</p><p>The crypto exchange's
PoR is not confined to BTC, ETH and USDT mentioned above. It extends to 22
popular digital assets, including USDC, XRP, DOGE, SOL, LTC and many others.
OKX has consistently exceeded its 100% reserve ratio across these assets for the
past nine months, maintaining the stability of its assets.</p><p>OKX's
reserves are principally stored in off-chain cold storage. The company has
observed significant user engagement with its PoR, noting hundreds of thousands
of user interactions with its PoR page and the self-audit tool since its
inception in late 2022.</p><p>PoR reports
became popular after the collapse of the FTX exchange in November 2022 and were
intended to reassure users who were panicking about withdrawing their funds
from decentralized exchanges. As part of the report, the exchange shows how
many assets it holds and what liabilities it retains against its users. To
enhance its credibility, the PoR should be prepared by an outside company and
repeated regularly.</p><p>"Public-facing
disclosures of both reserves and liabilities are essential to ensure long-term
accountability in our industry," Lennix Lai, the Global Chief Commercial
Officer at OKX, commented on the commitment to regulatory disclosures.</p><blockquote><p lang="en" dir="ltr">