Bybit Launches Merkle Tree-Verified Proof of Reserves

ByBit has joined the ranks of major crypto exchanges such as Binance to publicly provide its proof of reserves. 

The Dubai-based platform announced the launch of a Merkle Tree-based proof-of-reserve system to enable users to verify their assets deposited into the exchange as well as Bybit’s holdings.

The verification is available in both trading and funding accounts.

Bybit said that the new feature will also allow verification of the exchange’s wallet ownership and that assets are held with a 1:1 ratio.