Bybit CEO: Crypto sets higher standards for reserves

Published March 1st, 2023 - 01:09 GMT
The Bitcoin logo is seen on a Coinstar cryptocurrency ATM at a grocery store in Washington, DC, on January 19, 2023. (Photo by Stefani Reynolds / AFP)
Bybit CEO: crypto sets higher standards for reserves

ALBAWABA - Bybit CEO Ben Zhou said crypto sets higher standards for proof of reserves for traditional finance, according to a statement by the firm.

"The future of the crypto industry is one step closer to its full potential," Zhou said. He explained that 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."

Speaking at a panel discussion at Blockchain Life 2023 in Dubai, the United Arab Emirates, earlier in the week, Zhou proposed "leveraging the open nature and real-time verification that decentralized technology offers," said Bybit in the statement emailed to Albawaba by the Dubai-based Public Relations firm, White Label Strategy.

"Blockchain is part of the solution, and crypto-native solutions can help armor the financial industry against traditional and new forms of fraud risk," he said. He noted that crypto exchanges are able to offer real-time, verifiable proof of reserves, which is far and above the transparency traditionally offered by financial institutions.

"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," the statement said. It said 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 said the technology, powered by blockchain, "is the real solution to the constant news of malfeasance in the crypto and wider financial sector."

"The new industry norm of proof of reserves can offer users more peace of mind and visibility into exchanges’ assets, and this has tilted the conventional power dynamics between the customers and financial service providers," he added.

He said it's only a matter of time before crypto's popularity becomes widespread.

"In two years, you will see signs of mass adoption. Your uncles, your aunties, your cousins will all start to use crypto," he said.

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