Bybit Reserve Certificate Report Shows Significant Growth in User Assets

Key Points:

• Bybit reserve certificate highlights notable growth in BTC, ETH, and USDT holdings.
• Bybit expands Proof of Reserves to cover 32 cryptocurrencies, employing advanced cryptographic accounting methods to ensure security and transparency.
• Bybit’s application for a VATP license signals a commitment to regulatory compliance and market expansion.

On April 3, Bybit unveiled its ninth reserve certificate, showcasing substantial growth in users’ assets.

Bybit Reserve Certificate Reveals Surge in Cryptocurrency Holdings

The Bybit reserve certificate report revealed significant surges across various cryptocurrencies. BTC holdings spiked by 16.44%, totaling 6,273 BTC, while ETH assets increased by 15.95%, adding 47,700 ETH. Additionally, USDT holdings rose by 10.62%, accumulating an extra 226 million USDT. Over the past month, the exchange witnessed a noteworthy net inflow of $534 million.

Bybit’s commitment to transparency and risk management was underscored by the expansion of its Proof of Reserves (PoR) protocol, now covering 32 cryptocurrencies. Bybit reserve certificate report employs advanced cryptographic accounting methods, including the Merkle Tree structure, to ensure the security of users’ digital assets.

Bybit Seeks VATP License for Regulatory Compliance

Established in 2018, Bybit has rapidly ascended as a dominant force in the crypto exchange realm, attracting millions of active users with its reliability and diverse offerings.

The platform prioritizes security, employing cutting-edge encryption techniques and offline storage mechanisms to safeguard users’ funds and ensure platform stability. Bybit’s robust compliance protocols and vigilant surveillance against suspicious activities have earned it a stellar reputation in the industry.

In a strategic move, Bybit has applied for a license to operate as a virtual asset trading platform (VATP) under the entity Spark Fintech Limited. This signals the exchange’s dedication to regulatory compliance and its plans for further expansion in the virtual asset market.