OKX rolls out Proof of Reserves, self-audit, Custodial Wallet
OKX, the second-biggest crypto exchange in the world by trading volume, has introduced three new leading offerings that are giving its clients improved visibility into their assets, greater control over funds, and insight into asset backing, Coin Journal learned from a press release.
Today, the exchange added a new Proof of Reserves (PoR) page to its website. It gives details about OKX’s PoR audits and its latest token-wide reserve ratios.
Exchange launches self-audit feature
Later this week, OKX will introduce a new self-audit feature that proves to clients that reserves back their funds based on the most recent data. This is in order to take transparency and user empowerment to the next level.
At the moment, the self-audit feature supports leading cryptos by market cap, such as Bitcoin (BTC) and Ethereum (ETH). The exchange will add more assets over time. It will also conduct proof of reserves audits on a regular basis to update user asset status and reserve balances.
First platform to introduce Independent Custodial Wallet
OKX will have another record: the first exchange in the world to introduce an Independent Custodial Wallet. This service will be available to high-net-worth and institutional clients.
In the weeks to come, the company will launch an independent custodial wallet that will make it possible for clients to see and track account balances in real-time, secure their assets separately from reserves, and hold the private keys to their funds. This will give them greater control and visibility over their assets.
OKX Director of Financial Markets Lennix Lai commented:
Our new self-audit feature and proof of reserves page let users verify that their assets are fully backed. We also have third-party audits to provide additional reassurance. OKX believes the industry needs much more transparency so we can come back stronger after recent events.
OKX’s top priority is to guarantee that the assets of its customers, who are more than 20 million worldwide, are always safe and secure. The exchange has always maintained 1:1 asset backing and is proud of its long-running reputation for best-in-class safety and security.
