OKX announces its reserves Tradecurve to feature Proof of Reserves (PoR)
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One of the largest CEXs on a global scale, OKX, revealed $10 billion in Bitcoin, Ethereum, and Tether in their latest Proof of Reserves (PoR) report, which showcased reserves ratios of 103% each. The new hybrid exchange known as Tracecurve will also implement PoR and will bolster transparency and decentralization.
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The Seychelles-based cryptocurrency exchange OKX recently published its seventh PoR report with the goal of pushing the new industry standard surrounding transparency and trust among the crypto community.
This new report showcased that the reserve has a total of $10 billion in BTC, ETH, and USDT, alongside other assets. This audit, which was scheduled on May 19, 2023, showcases that OKX's current reserves ratio is at 103% for BTC, 103% for ETH, and 103% for USDT as well. The PoR also covered 19 other cryptocurrencies, such as USDC, XRP, DOGE, SOL, and TRX.
Ever since April, each user has been able to independently verify the solvency of OKX through the Knowledge Scalable Transparent Argument of Knowledge (zk-STARK) technology, responsible for keeping the account balances of other parties hidden and safeguarding their overall privacy.
Tradecurve is an upcoming hybrid exchange that stands out from other trading platforms and CEXs like OKX, through offering users the ability to trade beyond just cryptocurrencies or crypto-related assets, users can trade CFDs, forex, indices, commodities, options, ETFs and bonds. The team is aware of the current push for transparency, security, and trust in the Web3 space and will also be implementing a Proof of Reserves (PoR) system that will
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