OKX now backs customer funds with $35.4 billion in primary assets, a 75% annual surge, as its 36th consecutive PoR report establishes a new verifiable benchmark for an industry under regulatory scrutiny.
Summary
- OKX marks three years of continuous Proof of Reserves reporting, confirming $35.4B in fully backed assets across 22 tokens.
- The exchange reports 75% year-over-year growth in reserves and 100%+ coverage for major assets like BTC, ETH, and USDT.
- User verification is surging, with ZK audits up 386% and “View My Audit” engagement up 123%.
In a press release shared with crypto.news on Oct. 30, OKX announced that it has completed 36 consecutive months of Proof of Reserves reporting, confirming $35.4 billion in primary assets fully backing customer funds.
The exchange said the reserves, verified by blockchain security firm Hacken, show over 100% coverage across 22 major assets including Bitcoin (BTC), Ethereum (ETH), Solana (SOL), Tether (USDT), and USD Coin (USDC).
The milestone, which marks the third anniversary of OKX’s PoR program, also revealed a 75% year-over-year increase in total assets and a sharp rise in onchain audit participation, an indication that users are not just holding funds but actively verifying them.
“Three years of PoR reporting show progress and consistency. What started as a crisis response has set an industry standard. As crypto integrates further with traditional finance, we’ll ensure trust is always verifiable – on-chain and open for all,” OKX said in the statement.
Transparency in numbers: How OKX’s reserves stack up
OKX’s latest Proof of Reserves shows that its largest holdings remain fully backed, with a coverage ratio that exceeds industry expectations. For Bitcoin, the exchange shows a 105% reserve ratio, meaning it holds more BTC in its wallets than customers have on the trading platform.
Similarly, Ethereum is backed at 102%, and Solana reserves stand at 102%. In the stablecoin sector, Tether is notably over-collateralized at 106%, while USD Coin is fully backed at 100%.
This verifiable assurance extends to major altcoins. Dogecoin (DOGE), a memecoin with a massive circulating supply, maintains a 101% reserve ratio on the platform. Ripple (XRP) is also fully backed and then some, with reserves exceeding customer balances by 6%. A portion of these assets, for each coin, is held in third-party custody, adding another layer of security and segregation for client funds.
Beyond the numbers, user participation has surged alongside these monthly attestations. Engagement with the ‘View My Audit’ feature has skyrocketed by 123% year-over-year.
Notably, the use of zero-knowledge (ZK) verification technology has exploded by 386% in the same period. This trend indicates a pivotal shift in user behavior; traders are no longer passive but are actively participating in the audit process, using advanced tools to privately confirm the safety of their own assets.
Building bridges to traditional finance
Building on this foundation of provable solvency, OKX is forging critical links with traditional finance. The exchange recently expanded its collaboration with banking giant Standard Chartered into the European Economic Area.
The partnership allows institutional clients to trade on OKX’s platform while their assets remain securely custodied with the Global Systemically Important Bank (G-SIB), effectively merging crypto exchange liquidity with the security standards of legacy finance.
Underpinning these efforts is a reinforced security framework. OKX said it has secured the ISO/IEC 27001:2022 certification for information security management and the CSA STAR Level 1 attestation for cloud security.