DUBAI, UAE, Feb. 7, 2024 /PRNewswire/ -- Bybit, the world's third largest crypto exchange by volume, has released its latest Proof of Reserves, showing its holdings of an industry-leading 32 cryptocurrencies with a reserve ratio of over 100%. The report, now in its 13 month, shows some assets have seen an increase of over 25% since December 2023.
The 32 tokens included in the report cover all the largest cryptocurrencies including Bitcoin, USDT and Ether. 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. Other coins included in the survey include: XRP, DOGE, APT, MNT, SOL and many more.
"We believe that transparency is essential for both individual users and the crypto industry as a whole," said Ben Zhou, co-founder and CEO of Bybit. "It enables users to participate in the market with confidence and security, and it encourages exchanges to uphold high standards of conduct. That's why we implemented Merkle Tree, a trustless and effective solution, which allows our users to verify our on-chain assets personally."
Bybit's commitment to transparency is further solidified by its outstanding rankings, including a perfect 10/10 in CoinGecko's Trust Score and an 'AA' rating from the 2023 CCData Crypto Exchange Benchmark Report. These accolades underscore the exchange's leadership in industry best practices.
"We will continue to expand our Proof-of-Reserves reporting and token portfolio to assure that customers have expanded access to assets that are backed and secure," Zhou added.
Bybit / TheCryptoArk
About Bybit
Bybit is a top-three cryptocurrency exchange by volume with 20 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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