Bybit Expands Audit to Confirm Backing of Assets and Highlight Transparency

FinanceFeeds Editorial Team

In a move to enhance trust, Bybit, the world’s third-largest crypto exchange, has extended its proof-of-reserves audit to include 32 cryptocurrencies, ensuring that customer assets are fully backed and secure.

Bybit

Currently, the third-largest crypto exchange globally in terms of trading volume, Bybit has once again underscored its commitment to both transparency and security. The exchange has broadened the scope of its proof-of-reserves audit, now including an unprecedented 32 cryptocurrencies.

The thorough audit validates that all assets are entirely backed, with coverage ranging from 100-124%, thanks to Bybit’s scrupulously maintained wallets.

Acknowledging the increasing calls for transparency in the cryptocurrency sector, Bybit has widened its proof-of-reserves audit. This move ensures that customer assets are securely and fully backed. The latest audit establishes that each of the 32 evaluated cryptocurrencies is entirely funded, with reserves reaching 100-124% of the total assets in Bybit’s layered wallet infrastructure.

Bybit’s dedication to transparency is further reinforced by its stellar industry ratings, such as a flawless 10/10 in CoinGecko’s Trust Score and an ‘AA’ rating in the 2023 CCData Crypto Exchange Benchmark Report. These honors highlight the exchange’s adherence to leading industry standards.

Ben Zhou, Bybit’s co-founder and CEO, stated, “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 is critical. They empower our users with confidence, knowing that their investments are secure and managed with the utmost integrity.”

Bybit has devised a comprehensive wallet system, comprising cold, warm, and hot wallets, to guarantee exceptional security and immediate access to funds when necessary. Partnering with top third-party custodians like Fireblocks and Copper, Bybit ensures the robust security required to maintain its leading position in the crypto exchange industry.

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