The current crisis in the crypto industry is pushing crypto exchange platforms to review the way they operate. These platforms know that they will have to reassure users by being transparent in the management of assets. The latest is OKX. The exchange has just released a proof of reserves page. This page is made specifically for users to have the ability to audit their reserves and ensure their solvency. This measure comes as vigilance on crypto exchanges wants to be stricter after the collapse of FTX.
OKX wants to appease its users after the FTX crash
It was through a tweet that the crypto exchange OKX announced the publication of a proof of reserves page. This page therefore gives each user the latitude to have a summary of stock market assets and liabilities in relation to its flagship virtual currencies which are: ETH, USDT and BTC. In addition to the summary, the user also has the option of auditing. By connecting, he will be able to directly see the balances he has on the stock exchange.
If the handling of the web application seems complex, the exchange OKX sets up two documents. They serve as a guide for users so that they can make audits through the console of a PC. Conveniently, these documents are titled “How to check if your assets are included in the OKX Merkle tree?” and “How to verify OKX ownership and wallet address balance “.
Lennix Laithe director of financial markets at OKX, believes that this page will play a decisive role in establishing a certain transparency in the industry. Since the bankruptcy of FTX, several officials of large crypto exchanges find that the proof of reserves pages are a boon to ensure transparency in the various transactions. With such measures, the chances of reliving a scenario close to that of FTX are very low.
OKX is not the only crypto giant to fall back on proof of reserves, several others intend to follow suit. This is the case of Kucoin and Binance which plan to update. Long before them, platforms like Kraken, Bitmex and Gate.io had taken the lead.
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