One Step Closer, higher Standards for Proof of Reserves:Bybit CEO

  • Delivering of the seamless integration has now become the point of focus for everyday users. 
  • The Long term traders now move towards DEX’s considering it as an important part of a healthy crypto trading ecosystem. 
  • With 100% proof of reserves verified, the bar for transparency is on an all time high. 

With higher levels of transparency, the greater potential of crypto trades can now be reasonably unlocked and taken to new heights attracting more investors and validators as well as further authenticating the granted value to crypto. This step from ByBit on making an enhanced and transparent version possible for all traders comes at a point where many investors are now paying greater attention to all platforms and blockchain’s minute details before investing. 

The technology is powered by a real time solution and user experience that is secure in terms of data and value backed cryptocurrencies. It also helps to avoid degradation of asset values while trading and keeps the anonymity of the system intact with active and equal participation. 

Statement by the Bybit CEO Ben Zhou 

According to Ben Zhou, this step is to unlock the greater capabilities of the crypto market and take trading to a whole new level with greater security and accountability. “In two years, you will see signs of mass adoption.” 

Bybit  CEO Ben Zhou says that this form of value exchange is going to be all the rage amongst regular users just how digital payments are adaptable and accepted now.

 He also proposed leveraging cryptocurrency with PoR on greater platforms with real time verifications and next level encryptions to reassure and reinstall trust from multiple partners and investors who might not have yet stepped into the world of cryptocurrencies in a full fledged manner. 

Bybit is now on its plan to be the flag bearer of more secure forms of crypto trading by introducing a more adaptable and robust form of PoR and implementing it on multiple platforms keeping intact the decentralised form of functioning at the forefront. 

How Proof of Reserves (PoR) plays a major role in stepping up the Crypto trade? 

Proof of Reserves in Crypto Exchanges is quite imperative as it is able to offer real-time and verified value to any trade taking place on the platform. It is very much important to eliminate any possible form of fraud and distil down the risk factor involved. The proof of reserve is also believed to be legitimate as it is sanctioned only after a run down through recognised financial institutions. 

Why is Higher Transparency important?

Higher transparency in crypto trade is the need of the hour due to multiple clients onboarding and trade taking place on an immaculate manner.Transparency allows greater value to the platform as well as the currencies involved and backed up by assets or real currency values.

Transparency in crypto trade is also important in answering security issues that come along with trading and giving meaning to the real value of an asset.