- Bybit’s largest asset wallet holdings total $1.9 billion, according to details from blockchain analytics firm Nansen.
Bybit has become the latest crypto exchange to publish information about its assets reserves, as calls for more transparency in the industry increase following FTX’s collapse.
Bybit will launch its 16th November service. announced It was disclosing user asset wallets. Portfolio data shared by Nansen’s blockchain analytics platform Nansen showed total assets of $1.9 billion.
According to the Nansen dashboard, Bybit’s largest reserve wallets are in Bitcoin, Tether (USDT), Ethereum (ETH), and USD Coin (USDC).
Bybit CEO Ben Zhou, founder of Bybit, said that the exchange had released the wallet addresses of its most active users. He also stated that the exchange was currently working on proof-of-reserves solutions.
“We are also exploring new custody solutions to allow users to view their own balance on chain or 3rd party custody. Bybit guarantees 1:1 reserves for all users and we made sure during this special period all users withdrawals are processed in a timely manner,” Zhou tweeted.
As CoinJournal highlighted a few days ago, Zhou believes the whole crypto industry has an obligation to “do right” by customers.
Bybit’s announcement of their wallet reserves sees it join other exchanges in providing some measure of transparency at a time the industry is reeling from the FTX implosion. Colin Wu, crypto journalist and spreadsheet creator, shows that Bybit has joined crypto-exchanges such as Binance OKX, KuCoin KuCoin Bitfinex and Huobi.
Huobi, Bybit and others announced that they have cold wallet reserves. Only one major exchange currently has this information. @gate_io @MEXC_Global @bitgetglobal They have not yet announced their cold wallet addresses or 100% user reserves. https://t.co/6zrQbEe5wG https://t.co/eOJg9f3ssE pic.twitter.com/MmOs73HwGG
— Wu Blockchain (@WuBlockchain) November 16, 2022
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