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News

Bybit Releases Proof Of Reserves System

December 11, 2022 - Around 2 mins mins to read
Bybit has announced the availability of its Proof of Reserve (PoR) solution. Users may now check the balance of their assets, as well as the balance and ownership of the wallet addresses disclosed by the exchange, as well as the reserve ratio.
Bybit Releases Proof Of Reserves System

Bybit just revealed its wallet addresses as well as a Nansen dashboard. The exchange has also created a Merkle Tree and performs frequent PoR audits, allowing customers to readily validate its guarantee to safely keep their funds in a 1:1 ratio.

Using the Proof of Reserves, users can verify the following:

  • The balance of the assets in the exchange
  • The balance and ownership of the wallet addresses we disclose
  • The reserve ratio;
Bybit Releases Proof Of Reserves System

Furthermore, Bybit is trying to provide wallet ownership verification. In the meantime, the exchange has provided detailed guides on how to conduct self-verification.

Earlier, the exchange announced raising the daily withdrawal limit for non-KYC users from 2 BTC to 20,000 USDT.

DISCLAIMER: The Information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.

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Harold

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Author

Harold

With a passion for untangling the complexities of the financial world, I've spent over four years in financial journalism, covering everything from traditional equities to the cutting edge of venture capital. "The financial markets are a fascinating puzzle," I often say, "and I love helping people make sense of them." That's what drives me to bring clear and insightful financial journalism to the readers of Coincu.