- Bybit’s largest asset portfolios total $1.9 billion, according to details from blockchain analytics firm Nansen.
Bybit has become the latest crypto exchange to release information about its asset holdings, as calls for more transparency in the industry grow after the collapse of FTX.
November 16, Bybit announcement it revealed users’ asset portfolios, with portfolio data shared by blockchain analytics platform Nansen showing total assets to be around $1.9 billion.
According to the Nansen Dashboard, Bybit’s largest reserve wallets are in BitcoinTether (USDT), Ethereum (ETH) and USD Coin (USDC).
Along with publishing the wallet addresses of its biggest users, Bybit founder and CEO Ben Zhou said the exchange is working on proof-of-stakes solutions.
“We are also exploring new custody solutions to allow users to view their own balance on on-chain or third-party custody. Bybit guarantees 1:1 reserves for all users and we have ensured that during this special period all user withdrawals are processed in a timely mannerZhou tweeted.
As CoinJournal Underline a few days ago, Zhou believes that the entire crypto industry has an obligation to “do good” by customers.
Bybit’s announcement of its wallet reserves sees it join other exchanges in providing some transparency at a time when the industry is reeling from the FTX implosion. A compilation of spreadsheets by crypto journalist Colin Wu shows that Bybit has joined crypto exchanges such as Binance, OKX, KuCoin, Bitfinex and Huobi in this initiative.
Huobi and Bybit announced their cold wallet reserves. Currently, among the major exchanges, only @gate_io @MEXC_Global @bitgetglobal have not announced their cold wallet addresses and 100% user pools. https://t.co/6zrQbEe5wG https://t.co/eOJg9f3ssE pic.twitter.com/MmOs73HwGG
– Wu Blockchain (@WuBlockchain) November 16, 2022