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OKX maintains robust asset reserves with 103% BTC backingSeychelles-incorporated cryptocurrency exchange OKX has recently released its 12th asset reserve certificate, with its latest report revealing that the company maintains reserves of 103% for its top coins, which include Bitcoin (BTC), Ethereum (ETH), Ripple (XRP), Tether (USDT) and USD Coin (USDC). The measure is meant to reassure users that their funds are well-backed and, in fact, more than covered by the exchange’s reserves.Photo by rc.xyz NFT gallery on UnsplashBitcoin, Ether reserve surplusesOKX provided details on its latest asset reserve status via a blog post published to its website on Monday. Alongside providing the relevant asset reserve data, the exchange celebrated its first complete year of having utilized a proof-of-reserve-based system.For BTC, OKX holds a substantial reserve of 140,484 BTC, effectively exceeding the 136,227 BTC held in user accounts. Similarly, ETH reserves stand at 1.46 million ETH, providing a surplus over the 1.42 million ETH owed to OKX users.The exchange also demonstrated its considerable holdings in stablecoins, with over $5 billion in USDT reserves and over $327 million in USDC reserves. In an interview with CoinDesk recently, OKX Chief Marketing Officer (CMO) Haider Rafique, referred to the need to provide a mechanism to reassure platform users. He stated:“Customers often express concerns in person about centralized exchanges, highlighting issues with security, solvency and downtimes, even if they don’t always voice these concerns digitally.”Use of zero-knowledge technologyIn April, OKX upgraded its proof of reserve system, opting for the use of zero-knowledge scalable transparent argument of knowledge (zk-STARK) technology. This approach allows OKX platform users to independently verify exchange solvency, confirming their assets are backed by OKX reserves. A zero-knowledge proof demonstrates the truth of a statement without sharing the statement’s contents. Therefore, no account balances are made public to other service users, maintaining user privacy.Regular transparency is now crucial for exchanges like OKX, as it aims to provide users with the certainty that their funds are genuinely available for withdrawal at any given time. After the FTX insolvency incident, verifiable proof of reserves has become paramount in reassuring users about the safety of their investments.Trend towards improved standardsIn the wake of several high-profile crypto platform failures in 2022, many exchanges are making greater efforts towards reassuring users that their funds are safe and accounted for. This has given rise to the popularity of proof of reserve systems.On that basis, OKX hasn’t been alone in implementing a proof of reserves-based system. In July another Seychelles-incorporated crypto platform, Bitget, announced that it could demonstrate the debt-free status of its business through its proof of reserves system.Nic Carter, Partner at crypto venture capital and private equity firm Castle Island Ventures, has carried out some research into the various proof of reserve systems employed by a number of global crypto platforms. While accepting that the approach is not foolproof, Carter maintains that it’s still a move in the right direction. “The way PoR works is, if enough exchanges do it, the few exchanges that don’t do it end up sticking out like a sore thumb,” he states.

Hanyang University, one of South Korea’s most prestigious educational institutions, has embarked on launching a new major dedicated to Bitcoin and cryptocurrencies, named "Bitcoin Philosophy" at its graduate school. Yoon Seong-ho, the vice dean of the College of Humanities, will spearhead organizing the new major and overseeing its courses, according to local media ETNews.  The Bitcoin Philosophy major merges two different academic fields – philosophy and emerging blockchain studies. This unprecedented combination has drawn the attention of many local crypto investors and industry insiders. Typically, crypto or blockchain experts in Korea have educational backgrounds in computer science, software engineering, information security studies or cryptology. Photo by Karolina Grabowska on PexelsHumanistic approach to cryptocurrency The school stated that the planned major will be taking a humanistic approach to Bitcoin and cryptocurrencies, focusing less on their technological aspects. The specifics of the courses, however, are yet to be disclosed.  Hanyang University is no stranger when it comes to blockchain and cryptocurrencies. The institution has already established the Department of Blockchain Computing and Cryptoeconomics back in 2018, which started enrolling students the following year. Currently, around 20 experts from across various fields including engineering, business management, law and medicine, serve as faculty members.  Furthermore, the school is considering a proposal to establish a "Bitcoin Philosophy Research Center" on campus and dedicated courses for the Advanced Management Program (AMP). If approved, admissions for the new crypto major could open as early as next year.  

Former SoftBank Executive Launches Stablecoin in Abu DhabiAkshay Naheta, a former executive from SoftBank, known for his involvement in some of the firm’s most significant deals, is embarking on a new venture in Abu Dhabi, focusing on stablecoins.Photo by Mathilde Cureau on UnsplashDRAM Trust partnershipThe 42-year-old financier has established Distributed Technologies Research (DTR) within Abu Dhabi’s international financial free zone. The firm has partnered with Hong Kong-based DRAM Trust, an entity with connections to a pool of high-net-worth individuals.Together, the firms aim to tap into the stablecoin market, which analysts at Bernstein predict will surge more than twenty-fold, reaching $2.8 trillion within the next five years. While the vast majority of stablecoins are pegged to the US dollar, DRAM coins will have backing from the United Arab Emirates dirham.Targeting high-inflation countriesThis peg to a relatively stable currency like the dirham offers greater security for individuals residing in high-inflation countries like Turkey, Egypt, and Pakistan. Additionally, it presents an alternative to the SWIFT system. While the dirham currently plays a minor role in the global economy, it has recently gained prominence as a petro-currency.“Our main focus is the unbanked and under-banked in these nations,” Naheta explained in an interview from Dubai. “If you want to diversify your risk and be in a currency that’s complimentary to the dollar, there’s a big percentage of money that can move into this,” he added.Naheta previously worked as a trader at Deutsche Bank. He had played a central role in some of SoftBank’s most notable deals during his tenure. Notably, he pitched the sale of chip designer Arm to semiconductor giant Nvidia. He also led a $4 billion investment in Nvidia in 2017, generating a $3 billion profit.Since his departure from SoftBank last year, Naheta has been actively involved in various fintech projects, with the UAE serving as his base of operations.Growing stablecoin circulationStablecoins have been in existence for nearly a decade. However, their primary use has been for trading purposes to facilitate the movement of digital assets between exchanges, and their adoption in consumer payments has been limited. Currently, there are approximately $124 billion worth of stablecoins in circulation, with Tether’s USDT being the largest, followed by the Circle-issued USDC.Supporters of stablecoins view them as a superior means of achieving cost-effective and instant money transfers and payments. Nevertheless, they have encountered resistance from central banks worldwide, which are actively developing their own central bank digital currencies (CBDCs).DRAM coins will be accessible on decentralized automated market makers, including Uniswap, Sushiswap, and Pancakeswap. Additionally, the team plans to collaborate with centralized exchanges in the near future, as revealed by Naheta.UAE ‘the new Switzerland’The former SoftBank executive anticipates significant demand for DRAM coins in the UAE, where a sizable expatriate population resides. Furthermore, the country is situated close to several high-inflation nations in Africa, the Middle East, and Asia.“I’m extremely bullish on the UAE,” Naheta stated. “It’s the new Switzerland — geopolitically neutral, a great transportation hub and a top tourism destination.”