Crypto exchange OKX has released a Proof of Reserves page that allows users to audit its reserves to make sure it is solvent. This comes at a time when crypto exchanges are coming under greater scrutiny after the collapse of FTX. OKX announced the new page in a tweet, as well as on its blog.
Don’t trust, verify → OKX Proof of Reserves (PoR) is LIVE.
To set a new standard of transparency, risk management and user protection, we’re launching our first PoR.
You can now verify your assets are backed 1:1 on #OKX ⤵️
— OKX (@okx) November 23, 2022
The Proof of Reserves page offers two different options for users to audit the exchange’s reserves. The first allows users to get a brief summary of the exchange’s current reserves and liabilities for its top three cryptocurrencies: BTC, ETH, and USDT.
This summary currently indicates that OKX has 102% of the BTC