DUBAI, UAE, Aug. 15,
2024 /PRNewswire/ -- Bybit, the world's
second-largest cryptocurrency exchange by trading
volume, proudly announces the release of its latest Proof of
Reserves (PoR) report. The report includes data on Bybit's holdings
of Ethena USD (USDe) for the first time.
Key Highlights:
Bybit's new PoR report (based on an August 8 snapshot) reveals that the exchange
maintains a solid reserve ratio across its most traded assets,
ensuring all customer funds are fully backed. The report covers the
holdings of close to 40 million users, offering a comprehensive
view of Bybit's asset holdings and affirming its dedication to
financial integrity.
Unwavering Reserve Ratios Across Major Assets
Bybit continues to pledge to maintain over 100% reserve ratios
for its primary assets. The current ratios for the top assets on
Bybit's platform are as follows:
- BTC: 100%
- ETH: 102%
- USDT: 107%
- USDC: 155%
- USDe: 104%
These figures demonstrate Bybit's proactive approach in ensuring
customer assets are securely backed and easily verifiable.
Innovative Proof of Reserves Technology
Bybit's PoR process employs cutting-edge cryptographic
technology, which was independently audited by Hacken in August as
part of a monthly audit. These third-party auditors attested to
Bybit's commitment to transparency
and security, setting a high standard for the industry.
Commitment to Industry Transparency
"Our latest PoR report is a testament to Bybit's unwavering
dedication to transparency and customer trust," said Joan Han, Sales & Marketing Director
of Bybit. "By regularly publishing these reports and having
our public wallets tracked in real time by Nansen, we provide our
clients with real-time assurances about their assets and contribute
to a broader culture of openness in the crypto
industry. We aim to lead by example and encourage others in the
sector to prioritize transparency."
Independent auditors Hacken
praised the integrity of Bybit's Proof-of-Reserve in their August
audit. "During the meticulous Proof of Reserves process, Bybit has
successfully proved that its holdings provide full coverage for
user liabilities, maintaining a remarkable 1:1 ratio for all
in-scope assets. This assurance is substantiated by the compelling
findings outlined."
Bybit has advocated for industry-wide transparency, actively
participating in discussions and initiatives aimed at enhancing
trust and accountability in the cryptocurrency
space.
#Bybit / #TheCryptoArk
About Bybit
Bybit is the world's second-largest cryptocurrency
exchange by trading volume, serving over 40 million users.
Established in 2018, Bybit provides 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.
For more details about Bybit, please visit Bybit Press.
For media inquiries, please contact: media@bybit.com
For more information, please visit: https://www.bybit.com
For updates, please follow: Bybit's Communities and Social
Media
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SOURCE Bybit