A new proof of confidentiality – Even if the news doesn’t really revolve around these events, the proof of reserves keep going out. And always with the same goal of reassure users and investors. All great platforms cryptocurrencies have taken the step to submit to it in recent months. But objections to the methodologies used were quickly voiced. This is why recent publications make more new analyzes business suit increasingly transparency. One of the most active in this field is the exchange OKX extension who shares his Third reserve test in a few months. And a priori, it’s not finished.
OKX releases a new backup test for a little more transparency
Once a month ! Here is the promise of Haider Rafiquemarketing director ofOKX extension. The Seychelles platform then plans to publish the status of its reservations monthly to put an end to rumors and gossip. Largely cooled by the FTX episode, the platform has gone to great lengths to recapture the trust users. Here’s what it says Haider Rafique :
“Security, transparency and trust are core principles of OKX’s business process and customer service philosophy. We have already taken a leadership position by publishing our monthly Proof of Reserve. As industry standards 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 marketplace. »
But enough talk, here are the numbers in question. OKX holds its assets for value 7.5 billion dollars inside bitcoins, ETH And USDT. As shown in the chart below, the exchange guarantees the three majors cryptocurrencies in the following proportions: 105% to bitcoins, 105% to Ethereum And 101% to USDT. Which means that OKX extension owns Moreover of tokens compared to the deposits of its customers.
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Calculation methods revised and improved for greater guarantees
To answer to the criticisms made at the end of last year which qualified this evidence as audit reserves truncated, new rules have been introduced. For example, funds in house tokens they are no longer counted. Better, the blockchain analytics company CryptoQuant has developed a specific metric. Calculate an exchange’s dependence on its popular native tokens which it expresses as a percentage. And OKX extension is the first in the class with a result of 100% ! Performed by crypto. com with 95.49%, Binanza with 87.67%, Kucoin with 81.26%, Bitfinex with 69.85% e Hubi with 60.1% it is the rear.
Also, regarding these tokens, Haider Rafique wanted to clarify the situation of his company with our colleagues at CoinDesk:
“We have never used a native token to fund the business. The OKB has never been a major 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 seek out discounts through activity on the platform. »
OKX’s marketing director will conclude his speech by specifying that on the side 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” will tell. Probably, everyone now wants to present more to possess possible from the cryptocurrency industry. And if possible, disassociate yourself as much as possible from the actions of some former great players. This is mostly because the bad news doesn’t seem to want to stop.
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