Bybit Sets Industry High with Proof-of-Reserves Audit: 40 Tokens Verified

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Apr 05, 2024, 06:00 ET

DUBAI, United Arab Emirates, April 5, 2024 /PRNewswire/ -- Bybit, standing tall as the world's third-largest crypto exchange by trading volume, once again proves its commitment to transparency and security by broadening its proof-of-reserves, now verifying a total of 40 crypto tokens, marking the highest in the industry.

In this latest stride, Bybit reveals that each of the 40 cryptocurrencies, including newly added coins like WLD, AGI, APEX, BEAM, FET, GALA, IMX, RNDR, and SHRAP, are fully backed up to 150%. This places Bybit as an industry leader, surpassing the total number of assets audited by competitors.

Bybit's relentless pursuit of openness is acknowledged widely, reflected in its impeccable 10/10 Trust Score by CoinGecko and an 'AA' rating in the recent CCData Crypto Exchange Benchmark Report. These recognitions highlight Bybit as a crypto exchange implementing industry best practices.

"Our steadfast commitment to verifying our reserves is a testament to our belief in building trust through evidence," said Ben Zhou, co-founder, and CEO of Bybit. "For us, providing such proof of reserves is not just a practice but a necessity. It assures our users that their investments are in safe hands, managed with the highest standards in the industry."

Bybit employs a meticulous wallet system, including cold, warm, and hot wallets, to optimize security while maintaining the liquidity necessary for user transactions. This robust security infrastructure, bolstered by partnerships with institutional custodians Fireblocks and Copper, ensures Bybit's leadership in the crypto exchange market, offering safety and transparency to retail and institutional clients.

#Bybit / #TheCryptoArk

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 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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