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Bybit Leads the Way in Crypto Transparency with Record Proof-of-Reserves Audit

source-logo  blockchainreporter.net 05 April 2024 10:06, UTC

Bybit, the world’s third-largest crypto exchange by trading volume, continues to solidify its position as a beacon of transparency and security in the crypto industry by announcing a groundbreaking proof-of-reserves audit. The exchange has verified a total of 40 crypto tokens, making it the industry leader in terms of audited assets.

The recent audit encompasses a diverse range of cryptocurrencies, including 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. This initiative places Bybit ahead of its competitors, with the highest number of assets audited in the industry.

Bybit’s dedication to transparency has earned it an impeccable 10/10 Trust Score by CoinGecko and an ‘AA’ rating in the recent CCData Crypto Exchange Benchmark Report. These accolades serve as a testament to Bybit’s adherence to industry best practices and its unwavering commitment to building trust with its user base.

Ben Zhou, co-founder and CEO of Bybit, commented on the company’s commitment to 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.”

Commitment to Security and Transparency

In addition to its rigorous proof-of-reserves audit, Bybit employs a sophisticated wallet system that includes cold, warm, and hot wallets. This multi-layered security approach ensures optimal security without compromising the liquidity required for user transactions. Bybit’s strategic partnerships with institutional custodians Fireblocks and Copper further reinforce its robust security infrastructure, setting the exchange apart as a market leader in safety and transparency for both retail and institutional clients.

Established in 2018, Bybit has quickly risen to prominence as one of the world’s top three crypto exchanges by trading volume, serving over 25 million users worldwide. The exchange offers a professional platform featuring an ultra-fast matching engine, round-the-clock customer service, and multilingual community support. Bybit is also proud to be the official partner of Formula One’s reigning Constructors’ and Drivers’ champions, the Oracle Red Bull Racing team.

With its latest proof-of-reserves audit, Bybit continues to set new benchmarks and raise the bar for transparency and security within the crypto industry. This significant milestone not only underscores Bybit’s unwavering dedication to maintaining the highest standards of integrity but also reaffirms its position as a trusted and reliable platform for crypto investors and traders alike.

Bybit’s commitment to transparency goes beyond mere compliance, reflecting a deeper ethos of accountability and user-centricity. The comprehensive verification of 40 crypto tokens, including newly added assets, demonstrates the exchange’s meticulous attention to detail and its proactive approach to ensuring the safety and integrity of user funds.