OKX users may now check their 1:1 asset backing
New York City: OKX is the world’s second-largest cryptocurrency exchange as measured by the volume of trades it processes. It introduced three solutions that are leading the industry on November 23, 2022. These solutions provide its institutional and retail customers greater direct control over their finances as well as more information into their assets and the assets that are underpinning those assets. In addition, OKX is a prominent partner of a number of successful sports teams and individuals. These include the English Premier League club Manchester City, the golfer Ian Poulter, the McLaren Formula 1 team, Olympic gold medalist Scotty James, and Formula One driver Daniel Ricciardo.
OKX revealed an improved version of the website titled “Proof of Reserves” (PoR). This website demonstrates that OKX has never deviated from its 1:1 reserve ratio and discusses the importance of its Proof of Reserves document (PoR).
The website provided an explanation of the Proof of Reserves and walked users through the processes necessary to determine whether or not their assets had become a “Merkle leaf” in the data structure of the Merkle tree. In addition to information on the exchange’s PoR audits, OKX’s most current reserve ratios for each and every coin are also included on the list.
This week, OKX will be releasing a tool that allows users to do their own audits. As a result, users will have the ability to verify that their reserves are protecting their assets based on the information supplied in the most recent snapshot, which will contribute to increased transparency and user empowerment.
At this time, the self-audit feature is compatible with Bitcoin, Ethereum, and Tether, with support for more assets scheduled to be added in the near future. Regular proof of funds audits will be used to keep OKX’s reserve levels and the status of client assets inside its reserves up to date.
Customers with a high net worth and institutions are the primary focus of OKX’s intentions to launch the Independent Custodial Wallet solution as the industry’s first exchange offering of its kind. Customers will be able to utilize the custodial wallet that the business promises to make available to keep their assets in a manner that is completely separate from the holdings of the company itself.
In the coming weeks, users will be able to maintain all of their private keys in their hands while still being able to view the amount of their wallet in real time. In addition to this, users will have improved administration and visibility into their resources.
In addition to this, audits by a third party are being conducted in order to guarantee the greatest possible degree of safety. However, in order for our sector to recover from the recent events, a far greater degree of openness is required.
OKEx has at least 20 million customers all around the globe, and one of its primary responsibilities is to protect their financial information. It has always maintained a reserve ratio of 1:1 and takes great pride in its long-standing distinction as the industry leader in security. Additionally, it has never strayed from this standard.