Cryptocurrency exchange Bybit has released Proof of Reserves audit data to reinforce its position as a global leader in transparency and security.
Bybit audited a total of 40 cryptocurrency tokens, including WLD, AGI, APEX, BEAM, FET, GALA, IMX, RNDR, and SHRAP, putting the exchange at the top of the crypto industry in terms of the number of assets audited. Bybit emphasized that each of these 40 tokens is fully secured, up to 150%.
This initiative puts Bybit ahead of its competitors by having the highest number of verified assets in the industry, according to PR Newswire.
Bybit's commitment to transparency has contributed to its impeccable 10/10 trust rating from CoinGecko, the world's largest independent cryptocurrency data aggregator. In addition, the exchange recently announced that it received an "AA" rating in the latest CCData Crypto Exchange Benchmark Report.
Both achievements are a confirmation of Bybit's commitment to building the trust of its users.
"Bybit's unwavering commitment to reserve verification is a testament to our belief in building trust through proof," said Ben Zhou, Co-Founder and CEO of the exchange.
"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 and managed according to the highest industry standards," he added.
Bybit's high level of security is also ensured by a sophisticated wallet system that includes cold, warm, and hot wallets. This layered approach to security ensures an optimal level of protection without compromising the liquidity required for user transactions. In addition, partnerships with institutional custodians Fireblocks and Copper further strengthen Bybit's robust security infrastructure.
Founded in 2018, Bybit offers cryptocurrency derivatives trading to its clients, providing market participants with mutual insurance against possible sudden price movements.
