Bybit Discloses User-Asset Holdings

The cryptocurrency exchange Bybit disclosed the total of core assets held in user wallets, amounting to around $1.9 billion. The service is operated in partnership with analytics company Nansen.

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1) Disclosing Bybit main users asset wallets (excluding other assets and non consolidated wallets are too many to list ~+20%). Around $1.9B. Bybit is also working on POR solutions such as Merkel Tree on UID level. https://t.co/fAszQVKNJF

— Ben Zhou (@benbybit) November 16, 2022

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“We are studying new custody solutions to allow users to view their own balance on-chain or in third-party custody. Bybit guarantees 1:1 reserves for all users, and we have ensured that during this unusual period all withdrawals were processed in a timely manner,” commented Bybit CEO Ben Zhou.

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2) We are also exploring new custody solutions to allow users view their own balance on chain or 3rd party custody. Bybit guarantees 1:1 reserves for all users and we made sure during this special period all users withdraws are processed in timely manner.

— Ben Zhou (@benbybit) November 16, 2022

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According to the data, users prefer to hold assets on the platform in stablecoins USDT and UDTC — 38.8% and 16.8% of total value, respectively. Bitcoin accounts for 19.3%.

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“We believe in transparency, as evidenced by one of the key initiatives—the Bybit contribution to the BitDAO treasury (about $800 million),” Zhao said.

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Against the backdrop of FTX collapse, exchanges began publishing information about reserves. The initiator of the openness policy was Binance, followed by Huobi, Bitfinex and other platforms.

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Earlier, Binance CEO Changpeng Zhao and former MicroStrategy CEO Michael Saylor urged self-custody of crypto assets.

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