Bybit has launched a Merkle Tree-based proof-of-reserve system. The new transparency initiative allows its users to directly verify Bybit’s holdings, along with their personal assets deposited into the exchange.
The feature is available to all users with funds in both trading accounts and funding accounts, which also includes crypto holdings in Bybit Earn products. Additionally, the new feature enables verification of Bybit’s wallet ownership, that assets are held with a 1:1 ratio.
As users pivot their attention to keeping their funds safe and exchanges accountable, many of the industry’s largest players have come out with similar transparency strategies. Binance was the first to offer up its reserves for public viewing and pledge for a Merkle Tree-based system, which it then released two weeks later.
