Cryptocurrency exchange OKX has announced the second results of its proof-of-reserve (PoR) report along with new features it brings.
Cryptocurrency exchanges have entered a new era after the crypto crashes this year. In this period, exchanges try to instill confidence in their users with proof-of-reserve systems. This new system, launched by Binance, openly presents the assets and collateral of exchanges to users. Although the third parties controlling the proof-of-reserve system decided to withdraw, the exchanges did not back down from this system. Finally, OKX has announced its second proof of reserve report. Also, OKX has introduced new features to its proof-of-reserve system.
OKX Adds New Features to Proof of Reserves System
Popular cryptocurrency exchange OKX has introduced a new feature to its proof-of-reserve system. In the report in which he announced the latter, it was observed that his assets were one-to-one collateral.
The features brought by the exchange offer the possibility to verify that the platform has sufficient assets to process customer withdrawals.
In addition, the report announced that there are 112,192 Bitcoin (BTC) belonging to customers in the wallets of the exchange. On the exchange side, there are 113,754 BTC in return. The popular crypto exchange stated that it is one-to-one collateral regarding BTC.
The exchange had announced a 102 percent coverage ratio in its initial proof of reserve. In this new report, a 101 percent coverage was observed. On the other hand, there is Tether (USDT) with 101 percent collateral and Ethereum (ETH) with 103 percent collateral. According to the latest report, 90 percent of the exchange’s assets are BTC, ETH and USDT.
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