Saha Swatilakha
In a groundbreaking move, ByBit, the world’s third-largest crypto exchange by trading volume, has announced a landmark proof-of-reserves audit covering a total of 40 cryptocurrencies. This initiative places ByBit at the forefront of audited assets, surpassing its competitors with the highest number of assets verified in the industry.
The recent audit not only encompasses established cryptocurrencies like Bitcoin, USDT, and Ether but also includes newly added tokens such as WLD, AGI, APEX, BEAM, FET, GALA, IMX, RNDR, and SHRAP. ByBit assures that each of these 40 tokens is fully backed up to 150%, underscoring the exchange’s commitment to robustness and security. ByBit deploys an advanced cryptographic accounting procedure using the Merkle Tree structure to efficiently process complex data for accurate and secure verification of its digital asset reserves.
Ben Zhou, co-founder and CEO of ByBit, emphasized the importance of transparency, stating, “Our steadfast commitment to verifying our reserves is a testament to our belief in building trust through evidence. 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’s exceptional rankings, such as a perfect 10/10 Trust Score by CoinGecko and an ‘AA’ rating from the 2023 CCData Crypto Exchange Benchmark Report, further reinforce the crypto trading platform’s dedication to transparency. These accolades highlight ByBit’s leadership in adhering to industry best practices and its unwavering commitment to fostering trust with its user base.
In addition to the proof-of-reserves audit, ByBit implements a sophisticated wallet system comprising cold, warm, and hot wallets to ensure optimal security without compromising liquidity. Strategic partnerships with institutional custodians Fireblocks and Copper further enhance ByBit’s security infrastructure, positioning the exchange as a market leader in safety and transparency for both retail and institutional clients.
ByBit’s latest proof-of-reserves audit not only sets new industry benchmarks but also reaffirms its dedication to upholding the highest standards of integrity. This milestone underscores ByBit’s role as a trusted and reliable platform for crypto investors and traders, showcasing its unwavering commitment to transparency, security, and user-centricity.
