
- Bybit’s largest asset wallet holdings total $1.9 billion, according to details from blockchain analytics firm Nansen.
Bybit has become the latest cryptocurrency exchange to release information on its asset reserves, amid calls for greater transparency in the industry following the FTX bankruptcy.
November 16th, Bybit announced Portfolio data shared by blockchain analytics platform Nansen reveals wallets of user assets, totaling approximately $1.9 billion.
According to the Nansen dashboard, Bybit’s largest reserve wallets are Bitcoin, Tether (USDT), Ethereum (ETH), and USD Coin (USDC).
Bybit founder and CEO Ben Zhou said the exchange is working to prove its reserves solution, as well as revealing the wallet addresses of its largest users.
“We are also looking at new custody solutions that allow users to view their balances on chain or third-party custody. Bybit guarantees every user her 1:1 reservation deposit, ensuring that all users’ withdrawals are processed in a timely manner during this special period.Zhou tweeted.
As coin journal As emphasized a few days ago, Zhou believes the crypto industry as a whole has an obligation to its customers to do it right.
Bybit’s announcement of the Wallet Reserve sees it joining other exchanges by providing a means to ensure transparency at a time when the industry is reeling from the FTX implosion. A compilation of the spreadsheet by cryptocurrency journalist Colin Wu shows that Bybit has joined cryptocurrency exchanges such as Binance, OKX, KuCoin, Bitfinex and Huobi in the initiative.
Huobi and Bybit announced cold wallet reserves. Currently, the only major exchange, @gate_io @MEXC_global @bitgetglobal We have not announced cold wallet addresses and 100% user reserves. https://t.co/6zrQbEe5wG https://t.co/eOJg9f3ssE pic.twitter.com/MmOs73HwGG
Wu Blockchain (@WuBlockchain) November 16, 2022