ByBit Enables Merkle Tree Verification for Proof of Reserves

Cryptocurrency exchange ByBit continues to delight its users with new developments. ByBit has enabled a Proof of Reserve system that allows users to directly verify their assets. Along with this system, ByBit is launching the Merkle Tree to enable users to quickly verify their assets.

This special verification of ByBit can be used for assets on various blockchains such as Ethereum, Arbitrum, BNB Smart Chain, Optimism, Polygon, Avalanche and TRON. ByBit will also regularly take snapshots to maintain users’ asset balance and high liquidity. ByBit also shared a detailed guide on how to verify wallet ownership with its users.

Ben Zhou, Co-Founder and CEO of ByBit, made the following statements regarding the issue:

“At Bybit, we believe transparency and accountability are crucial to building trust in the cryptocurrency industry. Our Proof of Reserve system uses a purpose-built Merkle Tree. The cryptographic solution lays out a reliable model in cryptocurrencies that provides verifiable evidence of our on-chain assets and liabilities and reassures our users that their funds are safe with us.”

Ben Zhou, Co-Founder and CEO of ByBit, made the following statements regarding the issue:

“The general adoption of Proof of Reserves by crypto exchanges is a positive development for the blockchain industry, where we have come together to rebuild trust using the technology we advocate.”