Bybit Affirms Full Backing of Assets in Landmark Proof-of-Reserves Audit
DUBAI, UAE, Dec. 20, 2023 /PRNewswire/ -- Bybit, the world's third largest crypto exchange by volume, has again demonstrated its dedication to transparency and security by expanding its proof-of-reserves audit to encompass an industry-leading 32 cryptocurrencies.
This rigorous audit affirms that all assets are fully backed, ranging from 100-124%, by Bybit's meticulously managed wallets.
In response to the growing demand for transparency within the cryptocurrency industry, Bybit has expanded its proof-of-reserves audit, providing assurance that customer assets are comprehensively backed and secure. The latest audit confirms that each of the 32 cryptocurrencies surveyed are fully collateralized, with reserves amounting to 100-124% of the assets held in Bybit's multi-tier wallet system.
Bybit's commitment to transparency is further solidified by its outstanding rankings, including a perfect 10/10 in CoinGecko's Trust Score and an 'AA' rating from the 2023 CCData Crypto Exchange Benchmark Report. These accolades underscore the exchange's leadership in industry best practices.
"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. "In a dynamic landscape like crypto, proof-of-reserves are critical. They empower our users with confidence, knowing that their investments are secure and managed with the utmost integrity."
Bybit's custom-designed system of wallets includes cold, warm, and hot wallets, ensuring optimal security and swift access to funds when required. In conjunction with leading third-party custodians Fireblocks and Copper, Bybit provides the security necessary to continue to lead the crypto exchange market.
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About Bybit
Bybit is a top-three cryptocurrency exchange by volume with 20 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 Red Bull Racing team.
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