OKX provides its users and (re)publishes its proof of backup

A new proof of reserve – Even if the news doesn’t really revolve around these events, proof of reserves keep going out. And always with the same objective to calm down users and investors. All the greats platforms crypto have taken the step to submit to it in recent months. But objections were quickly made expressed on the methodologies used. This is why the latest releases do more new analysis thorough forever more tRANSPARENCY. One of the most active in this area is the exchange OKX that shares his the third proof of reserve in several months. And a priori, it is not over.

OKX issues new proof of reserve for a bit more transparency

Once a month ! Here is the promise of Haider Rafiquethe marketing director ofOKX. Thus, the Seychelles platform plans to publish its status bookings monthly to put an end to rumors and rumours. Cooled mostly by the FTX episodethe platform has pulled out all the stops to win back trust users. Here’s what it says Haider Rafique :

“Security, transparency and trust are fundamental principles of OKX’s business process and customer service philosophy. We have already taken a leading position by publishing our monthly Reserve Testimonial. As industry benchmarks for this fiscal year continue to take shape, we expect the quality of our reserve assets to be one of many key differentiators for OKX in the market. »

But enough talk, here they are FigureS in words. OKX holds its assets for a value 7.5 billion dollars in BTC, ath AND USTDA. As shown in the chart below, the exchange guarantees the main three cryptocurrencies in the following sizes: 105% to Bitcoin, 105% to Ethereum AND 101% to USTDA. Which means that OKX owns more of tokens than the deposits of its customers.

OKX reserve evidence expressed as a percentage of customer deposits – Source: OKX

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Revised and improved calculation methods for more assurance

To answer to the criticism made at the end of last year who qualified this testimony as an audit reserve truncated, new rules have been introduced. For example, funds in house signs are no longer counted. Better yet, the blockchain analytics company CryptoQuant has developed a specific metric. It calculates the dependence of an exchange on its famous native tokens which it expresses as a percentage. AND OKX is the first in the class with a result of 100% ! He is followed by Crypto.com with 95.49%, Binance with 87.67%, Kucoin with 81.26%, Bitfinex with 69.85% and Huobi with 60.1% brings up the rear.

Furthermore, regarding these arguments, Haider Rafique wanted to clarify the situation of his company with our colleagues from CoinDesk :

“We have never used a local token to finance the business. The UN has never been a big part of our business or our cash flow. Our native token has always been designed to engage our most active customers and give them a way to claim discounts through activity on the platform. »

The marketing director of OKX will finish his speech by specifying that on the part of OKX Ventures, the company’s venture capital fund, we have always preferred to invest in dollars. BECAUSE “it’s a very traditional fund with a very traditional format” he means. Surely, everyone now wants to present the most own possible from the cryptocurrency industry. And if possible, distance yourself as much as possible from the actions of some former great players. This is even more so The bad news doesn’t seem to want to stop.

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