Crypto Exchange OKX Launches New Proof-of-Reserves System; Users Can Verify Assets

It’s been just revealed that the crypto exchange OKX has just launched a new proof-of-reserves system. From now on, users will have the ability to verify their assets. Check out more details about this below.

The crypto exchange OKX is launching a new proof-of-reserve system. It’s important because this enables customers to verify their digital assets.

The Seychelles-based firm says the OKX Proof of Reserves (PoR) will provide a means for users to verify that their funds are backed 1:1 by real assets. This is really comforting for the people in the crypto space, especially following the disaster involving FTX.

“At OKX, we hold a 1:1 reserve of all customer assets on our platform and pride ourselves on our long-standing reputation for best-in-class security. Now, we’re empowering you with greater transparency than ever before through PoR, a common cryptographic audit.”

As the online publication the Daily Hodl notes, OKX is launching its first PoR in a bid to set a new standard of transparency, risk management and user protection.

This comes right following the collapse of rival FTX. FTX drama began after an unexpected surge in withdrawals left one of the crypto industry’s most prominent exchanges unable to meet its financial obligations.

“Our on-chain wallet holdings are now public, so you can verify your funds are backed by real assets.”

According to PlanB, some of the catalysts that could trigger a massive rally for Bitcoin include the end of the Russia-Ukraine war or the loosening of monetary policies.

“I know it doesn’t look very well right now with the [collapse of] FTX and all the fallout of the customers and investors [of] FTX, but we have one and a half years to go [before the next halving].”

At the moment of writing this article, BTC is trading in the green, and the coin is priced at $16,461.