The new norms after 2022: crypto exchanges have set a high bar in transparency with 100% verifiable proof of reservesDEXs form an important part of a healthy ecosystem by supporting medium and long-term traders Bybit has a calling as a CEX: delivering seamless integration into Web3 for everyday users DUBAI, United Arab Emirates, 28 February 2023 -/African…
DUBAI, United Arab Emirates, 28 February 2023 -/African Media Agency/-The future of the crypto industry is one step closer to its full potential, now trust and transparency is at the forefront, said Bybit CEO Ben Zhou. According to Zhou, technology will lead the way in restoring trust in crypto, and legitimate exchanges have what it takes to outperform traditional financial institutions in terms of transparency.
Bybit is committed to managing user funds with the utmost transparency and integrity, which is why it has real-time proof of reserves with a purpose-built Merkle Tree. Users can use their Merkle Leaf code to check that their assets are recorded as liabilities in Bybit’s on-chain wallets down to the granular details.
Zhou went on to talk about the role of crypto exchanges as the industry moves forward from a challenging 2022. While security considerations are a given, Zhou revealed why CEXs are still preferred by serious traders: deep liquidity and powerful infrastructure with millisecond precision.