The crypto exchange Bybit has announced its proof of reserves to ensure it is a reliable company for its consumers. In its declaration, the firm mentioned that it would mainly focus on transparency, making the customers confident that their assets are secure and safe. It added that they are determined to offer complete transparency via their proof of reserves (PoR).
Bybit Declares Proof of Reserves to Retain Client Trust
Recently, the wallet addresses have been published by the cryptocurrency exchange. At that time, it had asserted that the proof of reserves would also be conducted in case of a requirement. Apart from that, Bybit has also constructed a Merkle Tree along with the PoR audits. With this, the consumers are permitted to conveniently confirm that the assets held by them have the support of a 1:1 ratio at their back in the form of reserves.
While providing details on it, the crypto exchange mentioned that the customers would be able to validate a lot of things because of the proof of reserves. The most important point is that they can validate their balance on Bybit’s exchange. The crypto platform has also permitted the customers to check for ownership as well as the balance in the wallet addresses which are possessed by them on the exchange.
The Firm Asserts Offering Wallet Ownership Verification Shortly
The third thing that can be verified by the customers is the ratio of the reserve at the back of the assets. These verifications are readily available for consumers at the moment. Nonetheless, another verification related to the ownership of the wallets would be available in the coming time. At the end of the announcement, the crypto exchange claimed that it is operating on enabling the wallet verification currently and would hopefully accomplish it soon.