Crypto exchange company Bybit has revealedatThe address of the reserve wallet went public on Nov. 16, following the collapse of FTX and calls within the industry for greater transparency.
Nansen also created a dashboard for Bybit’s wallet, which noted that the exchange’s assets exceed $1 billion in Bitcoin, Tether, Ether, and USD Coin, which the firm also says represents more than 85% of the cryptocurrency. cryptocurrency All held by the exchange
The crypto market has experienced a crisis due to FTX, the world’s second largest crypto exchange. Failed to process withdrawals and filed for bankruptcy. And after this crisis, Binance CEO Changpeng Zhao urged all exchanges to build proof-of-reserves protocol to prove to the community that their assets are equal to or greater than their liabilities
However, Bybit’s launch of the wallet address is not a proof of reserve as it does not provide its clients with the Merkle tree of the exchange’s debt. But publishing the wallet address is also a prerequisite to creating a proof of reserve later if Bybit chooses to do so.
Bybit CEO Ben Zhou said the exchange is committed to ensuring transparency in the future, saying, “We believe that the exchange must be proactive in creating new forms of transparency.”
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