Bybit Publishes Full Proof of Reserves, Bolstering Market Confidence by Chainwire

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

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

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

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

These holdings show Bybit's commitment to maintaining a safe and transparent trading environment. This milestone not only cements Bybit's position at the forefront of the industry, but also surpasses the audit efforts of its closest competitors.

Bybit has consistently received high marks for its operational integrity, including a perfect 10/10 trust score from CoinGecko and an 'AA' rating in the CCData Crypto Exchange benchmark report, affirming its adherence to industry best practices. .

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

“Our continued effort to verify our reserves reflects our core philosophy of building trust through tangible proof,” said Ben Zhou, co-founder and CEO of Bybit. “For us, the guarantee of our users' investments and the transparency of our operations are paramount.”

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 cryptocurrency investors and traders can find a lightning-fast matchmaking engine, 24/7 customer service, and multilingual community support. Bybit is a proud partner of the reigning Formula One constructor and driver champions: the Oracle (NYSE:) Red Bull Racing team.

For more details on Bybit, visit Bybit Press.

ContactHead of public relationsTony AuBybit[email protected]

This article was originally published on Chainwire.