Nikolas Sargeant
Bybit, one of the leading cryptocurrency exchanges in the world, has announced that it has expanded its proof-of-reserves audit to encompass 32 cryptocurrencies. This is an industry record and shows Bybit’s commitment to total transparency.
In a press release shared with Cryptowisser, Bybit said this audit affirms that all assets are fully backed, ranging from 100-124%, by Bybit's meticulously managed wallets.
The cryptocurrency exchange said it made this move in response to the growing demand for transparency within the cryptocurrency industry. 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.
Furthermore, the crypto exchange’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 Bybit’s leadership in industry best practices.
While commenting on this latest development, Ben Zhou, co-founder and CEO of Bybit, said
“Our proactive approach to transparency with regular proof-of-reserves audits reflects our core belief in trust through verification. 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.”
Thanks to its partnership with third-party custodians Fireblocks and Copper, Bybit provides the security necessary to continue to lead the crypto exchange market.
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.
