Victoria, Seychelles, 10th September 2024, ZEX PR WIRE, As a secure and stable global crypto exchange, OrangeX unveiled its launch of Proof of Reserve system and assured that all customer assets held on the platform are fully backed (at least 1:1), safely stored and available for redemption. In addition, OrangeX made its proof-of-reserves public in CoinMarketCap, the most referenced and trusted source for cryptocurrency projects and exchanges.
The exchange claims that by making its POR public, it hopes to reassure consumers that their assets are secure and have enough liquidity to meet their withdrawal requests.
Proof of Reserve or POR is a verifiable attestation procedure that helps enhance transparency to centralised cryptocurrency reserves. OrangeX provides a visual verification page and makes it easy for all users to ensure that their funds are safely held 1:1 in reserve by following 3 steps.
-
OrangeX takes snapshots of all assets every 2 weeks and makes them available publicly. At the time of writing, OrangeX has over $35 million in total digital assets with collateralization ratios of 128% for BTC,123% for ETH, 127% for USDT and 130% for USDC. The assets reserve ratio has surpassed its 100% liabilities. Thus, OrangeX guarantees its users 100% access to funds even when there is a withdrawal rush.
-
OrangeX displays the total assets of all on-chain wallet addresses and wallets held by the exchange, and users can verify OrangeX’s ownership of the addresses anytime with just a few simple steps.
-
The crypto ranking firm CoinMarketCap has collaborated with the Proof of Reserves to be published. Verified by CMC, everyone can see OrangeX marked as “reserves” and check exchange’s detailed financial dashboard on their ranking page.
For real-time PoR tracking, please visit – https://www.orangex.com/proof-of-reserves
OrangeX launches a Proof of Reserve system aimed at revealing information about the liquidity and preservation of users’ assets on the platform. As a comprehensive trading platform supporting 200+ cryptocurrencies and 3 million users, OrangeX aims to make crypto trading easier and safer for all by strengthening its compliance standards, security system and safety measures to empower more individuals to embrace crypto with trust.
Zero-Incident Operation
Given several crypto crises and scandals in the past 10 years involving breaches and misused assets resulting in multiple closed exchanges, OrangeX is liable for its zero-incident operation and no user’s information disclosure since the platform established.
Stay Compliant Worldwide
OrangeX puts a strong emphasis on conducting business in various countries and regions under the premise of lawfulness and compliance. OrangeX has obtained regulatory licences in a variety of countries, including US MSB license and certified Virtual Asset Service Provider (VASP) in the Czech Republic. The integration with the CODE Travel Rule solution and membership with VerfiyVASP Alliance also marks its regulated expansion in the Korean market.
Build a Secured Infrastructure System
OrangeX proactively engages in third-party audits conducted by reputable entities, like SlowMist and CipherOwl, in addition to implementing Anti-Money Laundering and Counter Terrorist Financing policy, to meticulously verify the robustness of our security protocols, financial stability, and adherence to regulatory compliance.
By adopting Proof of Reserve, OrangeX boosts transparency and safety to mitigate crypto industry risks and build user trust among crypto communities. Looking ahead, OrangeX pledges to uphold 100% reserves while exploring more transparency initiatives to strengthen user trust and protect platform integrity. Users in OrangeX will always enjoy a secure and reliable trading environment with funds fully guaranteed.
About OrangeX
CoinMarketCap (CMC) and CoinGecko-listed exchange, OrangeX, founded in 2021 in Seychelles, stands as a worldwide cryptocurrency trading platform renowned for its cutting-edge technology, proficient team, and seasoned financial knowledge. Our paramount strengths encompass strict regulatory adherence, robust fund and system security, unwavering transparency, and dependable products, all of which collectively culminate in the delivery of top-tier professional services to our esteemed users.
For more information, please visit: Website | Twitter | Telegram | CoinMarketCap | CoinGecko
Disclaimer: The views, suggestions, and opinions expressed here are the sole responsibility of the experts. No Blockchain News Site journalist was involved in the writing and production of this article.
