Bybit cryptocurrency exchange Join the push for transparency of exchanges. In the aftermath of the FTX disaster, on December 12, the company announced the launch of the Merkle Tree-Verified Proof Of Reserves system, allowing users to verify Bybit holdings directly along with personal assets deposited in the exchange.
This feature is available to all users who have funds in their trading and funding accounts. This includes crypto holdings in the Bybit Earn product.
Additionally, this new feature allows Bybit wallet ownership to be verified that the assets are held with a 1:1 ratio.
Ben Zhou, co-founder and CEO of Bybit, commented on Merkle Trees’ use of liquidity monitoring: “The cryptographic solution provides a trustless model for providing verifiable evidence of holdings. Dominion and debt on our network…”
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