In a new industry record, Bybit exchange has added 32 additional tokens to its proof-of-reserves audit. This extensive audit is a confirmation that Bybit’s carefully tracked wallets provide complete backing for all assets, with percentages covering 100-124%.
Going the extra mile to assure users
Bybit has shown its commitment to security and transparency by raising the bar for its Proof-of-Reserve release. To further improve the safety of its customers’ assets and maintain its position as the market leader in cryptocurrency exchanges, Bybit has partnered with industry-leading third-party custodians Fireblocks and Copper. Furthermore, Bybit has stellar scores on other platforms, including an ‘AA’ grade from the 2023 CCData Crypto Exchange Benchmark Report and a perfect 10/10 from CoinGecko. These impressive scores attest to the company’s dedication to transparency.
Bybit’s decision to widen the scope of its proof-of-reserves audit aligns with the need to meet the rising need for transparency in the crypto sector. This approach to audit is an effective tool for assuring clients that their assets have solid backing and are safe. The latest audit is an assurance that all 32 cryptocurrencies included in the study are completely collateralized, with reserves representing 100-124% of the funds stored in Bybit’s multi-tier wallet system.
“Our proactive approach to transparency with regular proof-of-reserves audits reflects our core belief in trust through verification,” said Ben Zhou, co-founder and CEO of Bybit.
Proof of reserves is essential in a cryptocurrency industry that continues to face regulatory scrutiny and user anxiety following a period of high-profile exchange failures.
Bybit is assuring users that their investments are safe and handled with the highest integrity. This is important in giving users peace of mind and they can focus on their investment strategies rather than being anxious about the safety of their assets. Bybit’s cold, warm, and hot wallets are part of a custom-designed system that guarantees top-notch security and instant access to funds whenever needed.