OKX collaborates with the University of Science and Technology to launch Hong Kong's first zero-knowledge blockchain technology research

On April 18, 2024, global leading Web3 technology company and virtual asset exchange OKX and the Hong Kong University of Science and Technology (referred to as "HKUST") announced a pioneering collaboration to jointly research the practical applications of zero-knowledge (ZK) proof technology and the development of new encryption protocols. These technological breakthroughs aim to enhance the scalability and efficiency of ZK decentralized exchanges (ZKDEX).

This collaboration aligns with the Hong Kong government's recent emphasis on Web3 and demonstrates the shared commitment of OKX and HKUST to accelerate Web3 innovation and support the development of the local Web3 ecosystem.

Under the leadership of Professor Dimitris Papadopoulos, the HKUST team has accumulated rich technical knowledge and outstanding achievements in the fields of cryptography, ZK proofs, and artificial intelligence. Coupled with the OKX Web3 team's extensive theoretical and practical experience in blockchain and virtual assets, this collaboration is expected to translate cutting-edge blockchain technology into practical business applications and may have a significant impact on the development of the blockchain industry in Hong Kong and globally.

OKX Chief Innovation Officer Jason Lau stated, "OKX is continuously innovating and is committed to bringing emerging technologies to market. We have already utilized ZK technology in our proof of reserves report and the second-layer network X Layer to enhance user privacy and provide scalability. Now, we are excited to further promote the benefits brought by ZK proofs through our collaboration with HKUST, enhancing scalability and providing new benefits to users, thereby increasing engagement with Web3. We look forward to seeing the results of this collaboration."

Professor Dimitris Papadopoulos, Associate Professor in the Department of Computer Science and Engineering at HKUST, stated, "The Hong Kong University of Science and Technology strongly supports the Hong Kong SAR government's vision of making Hong Kong an international center for Web3 and virtual assets. To achieve this goal, we must not only enhance public understanding and usage of relevant technologies but also persistently drive technological advancement and innovation. Our collaboration with the global Web3 technology company OKX brings us closer to this goal."

About OKX

OKX is a leading technology company aimed at building the future of Web3. OKX has developed virtual asset applications that combine speed and reliability, favored by over 50 million investors and professional traders worldwide. OKX's industry-leading self-custody solutions include the OKX Web3 Wallet service, allowing users to increase their control over their virtual assets while exploring DEXs, NFT markets, GameFi, and thousands of dApps. OKX collaborates closely with world-class brands and athletes, including Premier League champions Manchester City F.C., McLaren F1 Team, Tribeca Festival, golfer Ian Poulter, and Olympic snowboarder Scotty James. OKX is committed to enhancing transparency and security, publishing its proof of reserves report monthly. For more information about OKX, please download our app or visit: okx.com

About Hong Kong University of Science and Technology

The Hong Kong University of Science and Technology (HKUST) (https://www.hkust.edu.hk/) is an internationally renowned research university, achieving world-class standards in science, engineering, business management, and humanities and social sciences. HKUST's campus is internationalized, offering holistic education and interdisciplinary research, nurturing outstanding talents with global perspectives, entrepreneurial spirit, and innovative thinking. Over 80% of HKUST's research was rated as "internationally excellent" or "world-leading" in the Hong Kong University Grants Committee's "2020 Research Assessment Exercise." We ranked second in the latest Times Higher Education Young University Rankings 2023, and HKUST graduates ranked 29th in the global university employability rankings for 2023, leading among Asian institutions. As of September 2023, HKUST members have co-founded 1,747 active startups, including 9 unicorns and 13 successful exits (through IPOs or acquisitions), generating over HKD 400 billion in economic benefits. The Invest Hong Kong has previously cited the "2021 QS World University Subject Rankings," showcasing the performance of five local universities ranked among the top 100 globally in various innovation fields, with HKUST leading in four engineering and materials science disciplines among local universities.

Disclaimer

This announcement is for reference only. It is not intended to provide any investment, tax, or legal advice and should not be construed as an offer to buy, sell, or hold virtual assets. Holding virtual assets, including stablecoins, carries high risks, and market volatility may be significant, potentially resulting in the loss of the entire value of your assets. You should carefully consider whether trading or holding virtual assets is suitable for you based on your financial situation and risk tolerance. OKX does not provide any investment or asset advice. You are solely responsible for your investment decisions, and OKX will not be liable for any losses. Past performance does not guarantee future results. If you have any questions regarding your specific situation, please consult your legal/tax/investment advisor.