Transparency at Its Peak: Bybit Releases Full Proof-of-Reserves, Reinforcing Market Trust

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Dubai, United Arab Emirates, May 10th, 2024, Chainwire

Bybit, one of the world’s top three crypto exchanges by volume, has once again underscored its dedication to transparency and trustworthiness by releasing its proof-of-reserves audit, which includes 40 cryptocurrencies, the most comprehensive in the sector.

The cryptos covered and all backed over 100% are: BTC, ETH, USDT, USDC, AGI, AGLA, APEX, APT, ATOM, AVAX, BEAM, BLUR, COMP, CRV, DAI, DOGE, DOT, DYDX, EOS, FET, FTM, GALA, IMX, LDO, LINK, LTC, MANA, MATIC, MNT, OP, PEPE, RNDR, SAND, SHIB, SHRAP, SOL, SUSHI, UNI, WLD, and XRP.

The reserve ratios for major cryptos are as follows: BTC: 116%, ETH: 106%, SOL: 111%, USDT: 107%, and USDC: 129%.

These holdings showcase Bybit’s commitment to maintaining a secure and transparent trading environment. This milestone not only cements Bybit’s position at the forefront of the industry but also exceeds the auditing efforts of its closest competitors.

Bybit has consistently received high marks for its operational integrity, including a perfect Trust Score of 10/10 from CoinGecko and an ‘AA’ ranking in the CCData Crypto Exchange Benchmark Report, affirming its adherence to industry best practices.

To ensure the safety and accessibility of its client’s assets, Bybit utilizes a sophisticated wallet architecture consisting of cold, warm, and hot wallets. This system is designed to maximize security while providing the liquidity necessary for efficient user transactions.

“Our ongoing effort to verify our reserves reflects our core philosophy of fostering trust through tangible proof,” said Ben Zhou, Co-founder and CEO of Bybit. “For us, the assurance of our users’ investments and the transparency of our operations are paramount.”

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About Bybit

Bybit is one of the world’s top three crypto exchanges by trading volume with 25 million users. Established in 2018, it offers a professional platform where crypto investors and traders can find an ultra-fast matching engine, 24/7 customer service, and multilingual community support. Bybit is a proud partner of Formula One’s reigning Constructors’ and Drivers’ champions: the Oracle (NYSE:ORCL) Red Bull Racing team.

For more details about Bybit, please visit Bybit Press.

ContactHead of PRTony AuBybittony.au@bybit.com

This article was originally published on Chainwire

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