OKX is currently among the largest crypto exchange companies in the world. In accordance with applicable regulations, it must regularly publish a Proof of Reserves (PoR) report. This approach is also essential to ensure the transparency of the crypto exchange and to reassure its customers. In its monthly Proof of Reserve (PoR) report, OKX declared $7.5 billion in liquid assets.
The OKX PoR report in a nutshell
Normally, crypto exchange companies must be able to meet a withdrawal request from its customers. A platform that is not able to ensure withdrawal requests is considered to be on the verge of bankruptcy. To prove its ability to meet this obligation, a crypto exchange company uses PoR. This is an audit report that allows the company to show the value of all of its assets available on the blockchain.
The OKX company has therefore just published his report PoR by declaring $7.5 billion in liquid assets.
100% clean assets, according to an analysis company
Analytics firm CryptoQuant has given its verdict on OKX’s PoR report. According to her, OKX’s assets are 100% clean.
The term “clean” refers to all crypto assets outside of the exchange’s native tokens. To prove its solvency, a platform must indeed not hold substantial quantities of its own native token (token created by the exchange).
Additionally, these own assets must only consist of high market capitalization crypto assets. This category notably includes bitcoin, ethereum, stablecoin and USDT.
As the crypto world crosses a difficult time, such a report plays an important role. A PoR report is effectively a means of reassuring customers as to the seriousness of the company. As the CMO of OKX said, “Security, transparency and trust are the fundamental principles of OKX’s business process”.
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