OKX Boosts Crypto Reserves by $2.5b in 2023
OKX, the
world’s second-largest crypto exchange by trading volume, published
its seventh monthly Proof of Reserves (PoR) report on Monday, showing $10 billion in collateral
for Bitcoin (BTC), Ethereum (ETH) and Tether (USDT).
OKX’s
commitment to transparency and trust within the crypto ecosystem is
demonstrated in the latest PoR, which covers BTC, ETH, and USDT and includes 19 other widely used digital assets, such as USDC, XRP, DOGE or
LTC.
Compared to
the PoR report published at the beginning of 2023, the reserve value for the
three largest cryptocurrencies increased by $2.5 billion from $7.5 billion.
Since adopting Zero-Knowledge Scalable Transparent Argument of Knowledge
(zk-STARK) technology in April 2023, OKX has empowered its users to verify the company’s solvency independently. This technology allows them to
confirm that their assets are fully backed by OKX’s reserves, maintaining
privacy by keeping the account balances of other parties private.
The reserve
ratios for BTC, ETH, and USDT currently stand at 103% each, as stated in the
report.
“Since late
2022, OKX has set the highest industry standards for security and transparency
via Proof of Reserves,” Lennix Lai, the Global Chief Commercial Officer at OKX, highlighted
the company’s dedication to its customers. “Our pledge to users is to further
improve our PoR system and streamline our use of zero-knowledge technology. We
see PoR as a dynamic process that is an absolute imperative to earn and
maintain the trust of our users in the long run.”
Last month,
the crypto exchange informed that its on-demand liquidity network
aimed at institutional clients, called Liquid Markets, reached a new milestone
of $1 billion in trading volumes during the first three months of 2023.
OKX Eyes Hong Kong and
France
One of the
recent developments involves a cryptocurrency exchange applying for a French
digital asset service provider (DASP) license to establish itself as a
regional hub in the country. This move follows the establishment of a local
subsidiary, OKX France, in April. By registering with the Autorité des
Marchés Financiers (AMF), the exchange will ensure compliance with European
regulations and be able to offer a range of products and services to customers
in France.
Hong Fang,
the President at OKX, expressed the company’s commitment to expanding its reach
and working closely with European regulators, highlighting the significance of
their operations in France for this main purpose.
In addition
to France, OKX is establishing its presence in other regions worldwide.
The exchange, which already holds authorization in the Bahamas and a
provisional license in Dubai, plans to apply for a digital asset license in
Hong Kong. Furthermore, OKX has already opened an office in the Chinese
self-administrative region.
These moves
come at a time when more countries are adopting stricter regulations for
cryptocurrencies, prompting exchanges worldwide to seek new jurisdictions. As
reported by Finance Magnates, Binance recently confirmed the launch of a
local branch in Japan to comply with the country’s crypto laws.
OKX, the
world’s second-largest crypto exchange by trading volume, published
its seventh monthly Proof of Reserves (PoR) report on Monday, showing $10 billion in collateral
for Bitcoin (BTC), Ethereum (ETH) and Tether (USDT).
OKX’s
commitment to transparency and trust within the crypto ecosystem is
demonstrated in the latest PoR, which covers BTC, ETH, and USDT and includes 19 other widely used digital assets, such as USDC, XRP, DOGE or
LTC.
Compared to
the PoR report published at the beginning of 2023, the reserve value for the
three largest cryptocurrencies increased by $2.5 billion from $7.5 billion.
Since adopting Zero-Knowledge Scalable Transparent Argument of Knowledge
(zk-STARK) technology in April 2023, OKX has empowered its users to verify the company’s solvency independently. This technology allows them to
confirm that their assets are fully backed by OKX’s reserves, maintaining
privacy by keeping the account balances of other parties private.
The reserve
ratios for BTC, ETH, and USDT currently stand at 103% each, as stated in the
report.
“Since late
2022, OKX has set the highest industry standards for security and transparency
via Proof of Reserves,” Lennix Lai, the Global Chief Commercial Officer at OKX, highlighted
the company’s dedication to its customers. “Our pledge to users is to further
improve our PoR system and streamline our use of zero-knowledge technology. We
see PoR as a dynamic process that is an absolute imperative to earn and
maintain the trust of our users in the long run.”
Last month,
the crypto exchange informed that its on-demand liquidity network
aimed at institutional clients, called Liquid Markets, reached a new milestone
of $1 billion in trading volumes during the first three months of 2023.
OKX Eyes Hong Kong and
France
One of the
recent developments involves a cryptocurrency exchange applying for a French
digital asset service provider (DASP) license to establish itself as a
regional hub in the country. This move follows the establishment of a local
subsidiary, OKX France, in April. By registering with the Autorité des
Marchés Financiers (AMF), the exchange will ensure compliance with European
regulations and be able to offer a range of products and services to customers
in France.
Hong Fang,
the President at OKX, expressed the company’s commitment to expanding its reach
and working closely with European regulators, highlighting the significance of
their operations in France for this main purpose.
In addition
to France, OKX is establishing its presence in other regions worldwide.
The exchange, which already holds authorization in the Bahamas and a
provisional license in Dubai, plans to apply for a digital asset license in
Hong Kong. Furthermore, OKX has already opened an office in the Chinese
self-administrative region.
These moves
come at a time when more countries are adopting stricter regulations for
cryptocurrencies, prompting exchanges worldwide to seek new jurisdictions. As
reported by Finance Magnates, Binance recently confirmed the launch of a
local branch in Japan to comply with the country’s crypto laws.
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