Bybit Solidifies Commitment to Security with Expanded Proof-of-Reserves Audit

The well-known cryptocurrency exchange Bybit has taken a daring step to strengthen security and transparency requirements by include a full range of 32 cryptocurrencies in its proof-of-reserves assessment. This historic audit seeks to confirm the complete support of client assets, offering a vital degree of assurance at a time when openness is critical.

The exchange’s dedication to upholding industry-leading standards is demonstrated by Bybit’s most recent proof-of-reserves audit. The audit painstakingly confirms that every one of the thirty-two cryptocurrencies is properly collateralized, with reserves ranging from one hundred to fourteen percent of the assets safely stored in Bybit’s advanced multi-tier wallet system.

Transparency as a Core Principle

Bybit’s commitment to openness is demonstrated by its impressive industry rankings in addition to its increased proof-of-reserves audit. Bybit is continuing to raise the standard for following industry best practices, as seen by its flawless 10/10 Trust Score on CoinGecko and its ‘AA’ ranking in the 2023 CCData Crypto Exchange Benchmark Report.

Ben Zhou, co-founder and CEO of Bybit, emphasized the significance of this proactive transparency approach, stating, “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.”

Audits are only one aspect of Bybit’s strong security framework. To maintain the highest level of security and provide quick access to money when needed, the exchange uses a specially created wallet system that combines warm, cold, and hot wallets. Bybit is at the forefront of the cryptocurrency exchange business, offering the security measures necessary for user confidence in partnership with distinguished third-party custodians like Fireblocks and Copper.

Bybit continues to set the bar for security and reliability in the eyes of customers looking for a safe and reliable platform for their cryptocurrency transactions by reaffirming its dedication to these areas.