, Coinbase stresses that people can review the company’s publicly filed, audited financial statements that note Coinbase holds “customer assets 1:1.”
Coinbase’s blog post insists “there can’t be a ‘run on the bank’ at Coinbase” and the company further added that Coinbase is “in a strong capital position.” The exchange OKX also tweeted about sharing proof-of-reserves , and said it is important for exchanges to share such information. “It’s critical for all major crypto venues to publicly share their auditable Merkle tree proof-of-reserves or POR,” OKX. “We plan to publish ours in the coming weeks . This is an important step to establish a baseline trust in the industry,” the exchange added. OKX director of financial markets, Lennix Lai, further explained to Bitcoin.com News that the exchange plans to release a POR via Merkel tree.
“This type of disclosure is crucial, as it provides much-needed transparency and decentralisation to the industry at this particular point in time. Releasing our proof-of-reserves via Merkel tree is one of the best ways to provide clarity on just how many funds we hold,” Lai detailed.The OKX reserves are going to be audited and verified though an advanced cryptographic accounting procedure. This will provide a greater degree of transparency than is offered by traditional financial institutions.
Looks like I’m good staying with finex.
Death proof
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Well, it’s like whatever since I’m holding on bfx.
yea!
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