OKX, a cryptocurrency exchange, has launched a proof-of-reservation website that allows clients to audit their reservations to ensure that the company is solvent. This comes at a time when cryptocurrency exchanges are under increased scrutiny after the demise of FTX. OKX introduced the new website via Twitter and its blog.

When completing an audit of the exchange’s reserves, users have two unique options to select on the test reserves page.

The former allows clients to view a simplified version of the exchange’s current reserves and liabilities for its three main cryptocurrencies, BitcoinEther and Tether.

The user has the option to log in and obtain a summary of their balances in the stock market.

Because some customers may not accept the information provided by the company’s web application, the company has also made available two help file documents that describe how to audit reservations using the console on a PC.”

One of the articles contained instructions for querying the OKX application’s application programming interface (API) to obtain a Merkle tree of customer balances and comparing the results to balances that are publicly available on the blockchain.

The second participant described how people can get a Merkle sheet that corresponds to their own balances and validate that this sheet is part of the overall tree.

According to the press release, Lennix Lai, OKX’s director of financial markets, believes that this proof-of-reserves website would help bring more transparency to the cryptocurrency exchange market: “Thanks to our newly implemented and self-implemented proof-of-reserves page. – audit tool, users can now verify that their assets are adequately backed up.

The FTX cryptocurrency exchange had an unforeseen lack of liquidity between November 7 and 11, which resulted in the bankruptcy of the company that managed it.

In response to this episode, several executives from major cryptocurrency exchanges have said that proof-of-booking pages should be established to provide transparency and ensure that an event like this does not happen again.

OKX previously said it would provide documentation of the reservations “as soon as possible.”

Both KuCoin and Binance have said that they intend to publish proof of reserves in the coming weeks.

Even before the FTX announcement, several other cryptocurrency exchanges, including Gate.io, Bitmex, and Kraken, have provided proof-of-reserve websites.