proof-of-reserves
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The Exchange That Ripped Its Own Name Off the Wall
It dropped the "E," paid the fine, opened in San Jose, and put its reserves on a Merkle tree. Inside OKX's bet that self-custody - not the exchange - is the actual product.
August Digital
August Digital is a New York-based institutional crypto company building on-chain prime brokerage infrastructure. Its platform gives trading desks, funds, protocols and treasuries secure smart-contract accounts, real-time risk and pricing engines, cross-margining, lending, and structured products so they can borrow, lend, trade and settle across DeFi and CeFi with any liquid collateral - all with on-chain auditability. August also operates Upshift, a vault product that opens institutional-grade yield strategies to a wider set of users. The company raised a $10M Series A led by Dragonfly in March 2025 and reports having processed roughly $45B in cumulative volume.
Kraken
Kraken is one of the oldest and largest cryptocurrency exchanges in the world, founded in 2011 and launched in 2013 by Jesse Powell after the Mt. Gox security failures convinced him crypto needed an exchange built on trust. Operated by parent company Payward, Inc., Kraken lets retail and institutional clients buy, sell, trade, stake, and self-custody dozens of digital assets, alongside crypto futures, margin, and index products. By late 2025 it served over 5 million funded accounts, held tens of billions in client assets, and was preparing for a public listing.