Fintech PR
OKX Publishes Eighth Monthly Proof of Reserves with USD$11.3 billion in BTC, ETH and USDT Reserves
HONG KONG, June 28, 2023 /PRNewswire/ — OKX, the second-largest crypto exchange by trading volume and a leading Web3 technology company, has published its industry leading eighth consecutive monthly Proof of Reserves (PoR), showing balances of USD$11.3 billion in BTC, ETH and USDT.
OKX’s latest PoR, which covers 22 widely used digital assets, shows that OKX has consistently maintained a reserve ratio exceeding 100% for eight consecutive months. In addition to BTC, ETH and USDT, the assets included in OKX’s PoR are: USDC, XRP, DOGE, SOL, OKB, APT, DASH, DOT, ELF, EOS, ETC, FIL, LINK, LTC, OKT, PEOPLE, TON, TRX and UNI.
OKX stores the majority of its reserves in off-chain cold storage, which provides the highest level of security for users’ digital assets. Since releasing its first Proof of Reserves, OKX has seen hundreds of thousands of users engage with its PoR, visit its PoR page and view their self-audits.
OKX’s current reserve ratios are as follows:
- BTC: 103%
- ETH: 103%
- USDT: 103%
OKX Global Chief Commercial Officer Lennix Lai said: “Security, transparency and trust are the core tenets of OKX’s operating philosophy. That’s why we’re committed to operating with complete transparency and providing regular PoR audits that users can independently verify. We hope that our efforts will raise the overall standard of the digital asset industry and establish new benchmarks for transparency and security.”
OKX will continue to publish its PoR with monthly PoR releases and a self-audit tool that was made available to all users following the introduction of Zero-Knowledge Scalable Transparent Argument of Knowledge (zk-STARK) technology in April 2023.
The open-source verification tool enables users to independently verify OKX’s solvency and confirm their assets are backed by OKX reserves while upholding their privacy. To date, OKX has published over 210,000 addresses for its PoR program, and will continue to allow the public to view its asset flows. Users can view the latest PoR report, reserve ratios, and verify OKX’s solvency here.
For further information, please contact:
[email protected]
About OKX
OKX is the second-largest global crypto exchange by trading volume and a leading Web3 ecosystem. Trusted by more than 50 million global users, OKX is known for being the fastest and most reliable crypto trading app for traders everywhere.
As a top partner of English Premier League champions Manchester City FC, McLaren Formula 1, Olympian Scotty James, and F1 driver Daniel Ricciardo, OKX aims to supercharge the fan experience with new engagement opportunities. OKX is also the top partner of the Tribeca Festival as part of an initiative to bring more creators into web3.
Beyond OKX’s exchange, the OKX Wallet is the platform’s latest offering for people looking to explore the world of NFTs and the metaverse while trading GameFi and DeFi tokens.
OKX is committed to transparency and security and publishes its Proof of Reserves on a monthly basis.
To learn more about OKX, download our app or visit: okx.com
Disclaimer
THIS ANNOUNCEMENT IS PROVIDED FOR INFORMATIONAL PURPOSES ONLY. IT IS NOT INTENDED TO PROVIDE ANY INVESTMENT, TAX, OR LEGAL ADVICE, NOR SHOULD IT BE CONSIDERED AN OFFER TO PURCHASE, SELL, OR HOLD DIGITAL ASSETS. DIGITAL ASSETS, INCLUDING STABLECOINS, INVOLVE A HIGH DEGREE OF RISK, CAN FLUCTUATE GREATLY, AND CAN EVEN BECOME WORTHLESS. OKX IS NOT REGULATED BY THE FCA, THUS, PROTECTIONS SUCH AS THE FINANCIAL OMBUDSMAN SERVICE OR FINANCIAL SERVICES COMPENSATION SCHEME WILL NOT BE AVAILABLE. YOU SHOULD CONSIDER WHETHER YOU UNDERSTAND HOW CRYPTO WORKS AND WHETHER TRADING OR HOLDING DIGITAL ASSETS IS SUITABLE FOR YOU IN LIGHT OF YOUR FINANCIAL CONDITION. THE VALUE OF YOUR DIGITAL ASSETS, INCLUDING STABLECOINS, CAN INCREASE OR DECREASE AND PROFITS MAY BE SUBJECT TO CAPITAL GAINS TAX. PAST PERFORMANCE DOES NOT INDICATE FUTURE RESULTS. PLEASE CONSULT YOUR LEGAL/TAX/INVESTMENT PROFESSIONAL FOR QUESTIONS ABOUT YOUR SPECIFIC CIRCUMSTANCES.
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View original content:https://www.prnewswire.co.uk/news-releases/okx-publishes-eighth-monthly-proof-of-reserves-with-usd11-3-billion-in-btc-eth-and-usdt-reserves-301865205.html
Fintech PR
Sinopec Hosts Forum Session at 7th China International Import Expo
US$40.9 billion in purchasing contracts signed with 38 partners, bringing the total of seven sessions of CIIE to US$285 billion
SHANGHAI, Nov. 6, 2024 /PRNewswire/ — China Petroleum & Chemical Corporation (HKG: 0386, “Sinopec”) has hosted a forum titled “Building Global Energy Partnerships” and a signing ceremony at the 7th China International Import Expo (CIIE 2024) in Shanghai. The exhibition, running from November 5 to 10, is focused on the global energy transition and fostering an open, green, and low-carbon ecosystem.
At the signing ceremony, Sinopec signed purchasing contracts with 38 partners from 18 countries, which totaled US$40.9 billion, including 27 products from 10 major categories, including crude oil, chemicals, equipment, materials, consumer goods and more. Since the first CIIE in 2018, Sinopec has signed orders exceeding a total of US$285 billion in seven sessions.
Ma Yongsheng, chairman of Sinopec, remarked in a keynote speech at the forum that the global energy supply as well as demand pattern and governance system are in need of real changes, and the transformational development of energy and chemical industry is already in a new stage.
“In the face of the great momentum of development, Sinopec unswervingly commits to promoting high-quality, intelligent, and green development leveraging advanced technologies,” said Ma. “We also understand deeply that the energy and chemical industries can only achieve sustainable development through cooperation. Sinopec has always adhered to open cooperation and achieve mutual wins with all our partners.”
Sinopec aims to enhance collaboration on oil and gas resources, working with various stakeholders to establish a more stable industry alliance. The company is also committed to expanding its green energy initiatives to further its low-carbon transformation goals. Additionally, Sinopec seeks to foster technology partnerships to unite innovative efforts, aiming to create a harmonious balance between humanity and nature, address climate challenges effectively, and build a cleaner, more sustainable world for future generations.
At CIIE 2024, Sinopec also signed cooperation and procurement agreements with a number of companies at the event. It has signed a framework agreement with TotalEnergies on long-term LNG supply, under which TotalEnergies will supply 2 million tons of LNG per year to Sinopec from 2028, for a total of 15 years. The partnership will enable both parties to further explore opportunities across the whole industry chain and promote global energy transformation.
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View original content:https://www.prnewswire.co.uk/news-releases/sinopec-hosts-forum-session-at-7th-china-international-import-expo-302297169.html
Fintech PR
CGTN: China showcases commitment of opening up via massive trade fair
BEIJING, Nov. 6, 2024 /PRNewswire/ — International companies looking to enter the Chinese market are flocking to Shanghai to take advantage of the seventh China International Import Expo (CIIE), the country’s biggest import trade fair slated to run from November 5 to 10 this year.
A global economic and trade event, the expo generated deals cumulatively valued at $78.4 billion last year, an increase of 6.7 percent year on year, hitting an all-time high. This year’s CIIE will host 3,496 exhibitors from 129 countries and regions in an exhibition center space that covers over 360,000 square meters – equivalent to 50 standard soccer fields.
According to Chinese officials, the number of participating countries and exhibitors has surpassed previous records. And the most notable thing is that 297 exhibitors are from Fortune Global 500 companies, marking a historic high. Among all participants, 186 enterprises and institutions have participated in the expo for seven consecutive years.
Hosting the CIIE is an important aspect of China’s opening up and cooperation, representing China’s solemn commitment to the world, Chinese Premier Li Qiang said during his keynote speech at the opening ceremony of this year’s CIIE on Monday.
The Piraeus Port Authority, the operator of Greece’s largest port, is participating in the expo for the seventh consecutive year. Following its debut at the inaugural CIIE in 2018, Piraeus Port saw its container throughput hit a record high in 2019, with 40 percent of the total volume coming from China.
“Piraeus Port takes part in the CIIE every year to explore new cooperation opportunities, aiming for a win-win partnership with China,” exhibitor Evdoxia Kastrinelli told CMG, adding the port operator will keep participating in the event in the future.
Apitv, an automotive technology supplier headquartered in Dublin, is participating in the expo for the first time. A part of a global industrial machinery manufacturer with over 100 years of history, the company is showcasing more than 45 cutting-edge technological innovations, including hydrogen energy solutions, liquid hydrogen booster pumps, and other advanced products, all making their debut in China.
“We’ve seen the impact the CIIE has had on global trade over the years, and with China’s automotive industry rapidly advancing, this is an excellent opportunity for us to leverage the platform to engage in deeper cooperation with enterprises both in China and around the world,” said Jiang Weihao, a representative of the exhibitor.
In addition to tech products and consumer goods from developed countries, this year’s expo also welcomed a large number of developing nations, including 37 of the world’s least developed countries. Over 120 exhibition booths were provided free of charge to these countries. Some booths highlight African agricultural specialties such as peanut, coffee, honey and beer.
During the 2024 Summit of the Forum on China-Africa Cooperation, China announced plans to grant zero-tariff treatment on all tariff items for the least developed countries with diplomatic ties to China, including 33 African nations. Following that, 22 tonnes of avocados imported from South Africa cleared customs and arrived at Shanghai Yangshan Port in early October.
Addressing the opening ceremony, Li stressed the need to strengthen consensus on opening up, adding that all parties should jointly adhere to international economic and trade orders and rules and earnestly fulfill multilateral and bilateral economic and trade agreements.
This year, China has rolled out a series of measures to underscore its commitment to deeper reforms and greater openness.
Starting November 8, China will grant visa-free entry to citizens from nine more countries, bringing the total to nearly 30. On November 1, China implemented an updated negative list for foreign investment, removing all restrictions in the manufacturing sector.
The country has also revised policies for foreign investment in listed companies and will now allow foreign-invested hospitals in nine cities. A nationwide negative list for cross-border services trade will also be introduced.
As China continues to open its economy and stimulate growth, the International Monetary Fund (IMF) has raised its growth forecast for China to five percent, matching the country’s original growth target.
Based on IMF projections, Bloomberg has reported that China is expected to remain the largest contributor to global economic growth over the next five years, surpassing the combined contributions of all G7 countries.
China will further expand institutional opening up and actively align with high-standard international economic and trade rules, Li said, pledging efforts to implement the strategy for upgrading pilot free trade zones.
View original content:https://www.prnewswire.co.uk/news-releases/cgtn-china-showcases-commitment-of-opening-up-via-massive-trade-fair-302297127.html
Fintech PR
MODIFI Secures Strategic Investment from SMBC Asia Rising Fund to fuel Asian exports by SMEs
Fintech leader strengthens position in cross-border B2B payments and trade finance, eyeing rapid growth across Asia, including China and India
AMSTERDAM and SINGAPORE, Nov. 6, 2024 /PRNewswire/ — MODIFI, a leading global platform in B2B Buy Now, Pay Later (BNPL) solutions, today announced the successful completion of a $15 million funding round led by SMBC Asia Rising Fund with participation from existing investors Maersk, IntesaSanPaolo, Heliad and other top-tier global investors. Sumitomo Mitsui Banking Corporation (SMBC), one of Japan’s leading banks and a major financial force in the APAC region, brings both capital and strategic alignment to the partnership. Beyond the equity investment, MODIFI and SMBC have signed a Memorandum of Understanding (MoU) to jointly advance digital solutions that support SME exporters across Asia in expanding their international trade operations. Through a series of joint initiatives, MODIFI and SMBC aim to empower SMEs with innovative cross-border financing solutions.
The announcement comes on the sidelines of Singapore Fintech Festival, showcasing MODIFI’s drive for innovation in the global fintech landscape. This new capital infusion will accelerate MODIFI’s expansion, particularly in high-growth markets like China and India, where the company has already made significant inroads. MODIFI’s platform delivers critical liquidity and flexible payment terms to small and medium-sized enterprises (SMEs), helping them optimize cash flow and expand their international reach.
“The funding underscores the strength of our business and the confidence our investors have in our vision for the future,” said Nelson Holzner, CEO and Co-founder of MODIFI. “As global commerce evolves, MODIFI is at the forefront, providing innovative solutions that empower businesses to scale and succeed across borders.”
MODIFI’s exponential growth has solidified its position as a market leader in cross-border payments and trade finance. Recognized by Financial Times and Statista as one of the Fastest Growing European Fintech Companies in 2024, MODIFI has facilitated over $3 billion in global trade for more than 1,800 companies since it was founded in 2018. The platform offers instant working capital approval, alongside integrated risk management tools that shield businesses from buyer defaults and fraud.
“Our mission is simple: We empower SMEs to compete and thrive in the global market with fast, flexible, and secure payment solutions,” added Holzner. “With this fresh funding, we’re set to redefine global trade finance—ensuring businesses of all sizes can unlock the liquidity and get the protection they need to grow internationally.”
“By transforming cross-border supply chain finance for the digital age with their global presence, we believe MODIFI supports SMEs to scale their export businesses with ease. We look forward to collaborating with MODIFI to empower our corporate clients to expand their businesses globally with agility and financial flexibility overcoming traditional trade barriers,” said Keiji Matsunaga, General Manager of Digital Strategy Department, SMBC.
About MODIFI
MODIFI is redefining global trade finance as a leader in B2B Buy Now, Pay Later (BNPL) solutions. Trusted by businesses across 55+ countries, MODIFI provides cutting-edge tools that optimize working capital and streamline cross-border payments. Through its extensive global network, MODIFI delivers fast, flexible, and secure financial solutions, helping companies expand their international footprint with ease. By integrating advanced risk management features and seamless payment processes, MODIFI is setting new benchmarks in global commerce, empowering businesses of all sizes to thrive in a rapidly evolving market.
About SMBC and SMBC Asia Rising Fund
SMBC, one of the leading banks in Japan, co-funded SMBC Asia Rising Fund with Incubate Fund which is a corporate venture capital fund, for the purpose of accelerating business development and partnerships through investments in high potential start-ups operating actively in Asia. Through this fund, SMBC Group will enhance its business and provide clients with new solutions by uncovering/ applying new technologies via partnerships with investee firms and the development of new business models and products.
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View original content:https://www.prnewswire.co.uk/news-releases/modifi-secures-strategic-investment-from-smbc-asia-rising-fund-to-fuel-asian-exports-by-smes-302297108.html
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