{"id":93734,"date":"2023-02-28T10:26:00","date_gmt":"2023-02-28T10:26:00","guid":{"rendered":"http:\/\/lebanonnewsgazette.com\/?guid=c57799443cc72fec234390ead419ab1c"},"modified":"2023-02-28T10:26:00","modified_gmt":"2023-02-28T10:26:00","slug":"crypto-sets-higher-standards-for-proof-of-reserves-for-traditional-finance-bybit-ceo","status":"publish","type":"post","link":"https:\/\/lebanonnewsgazette.com\/crypto-sets-higher-standards-for-proof-of-reserves-for-traditional-finance-bybit-ceo\/","title":{"rendered":"Crypto Sets Higher Standards for Proof of Reserves for Traditional Finance: Bybit CEO"},"content":{"rendered":"<ul>\n<li>The new norms after 2022: crypto exchanges have set a high bar in transparency with 100% verifiable proof of reserves<\/li>\n<li>DEXs form an important part of a healthy ecosystem by supporting medium and long-term traders<\/li>\n<li>Bybit has a calling as a CEX: delivering seamless integration into Web3 for everyday users<\/li>\n<\/ul>\n<p>DUBAI, UNITED ARAB EMIRATES &#8211; <a href=\"https:\/\/www.media-outreach.com\/\">Media OutReach<\/a> &#8211; 28 February 2023 &#8211; The future of the crypto industry is one step closer to its full potential, now trust and transparency is at the forefront, said Bybit CEO Ben Zhou. According to Zhou, 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.<\/p>\n<p>Speaking as part of a panel discussion at Blockchain Life 2023 in Dubai on Monday, Zhou proposed leveraging the open nature and real-time verification that decentralized technology offers. 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 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.<\/p>\n<p>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. Users can use their Merkle Leaf code to check that their assets are recorded as liabilities in Bybit\u2019s on-chain wallets down to the granular details.<\/p>\n<p>For Zhou, this kind of technology \u2014 powered by blockchain \u2014 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\u2019 assets, and this has tilted the conventional power dynamics between the customers and financial service providers, he said.<\/p>\n<p>Zhou went on to talk about the role of crypto exchanges as the industry moves forward from a challenging 2022. While security considerations are a given, Zhou revealed why CEXs are still preferred by serious traders: deep liquidity and powerful infrastructure with millisecond precision.<\/p>\n<p>Referring to institutional clients and professional traders, Zhou said that \u201ccentralized exchanges are pretty much their only choice simply because of the liquidity. And you simply can\u2019t do high frequency trading on a decentralized exchange (DEX) due to infrastructure limitations.\u201d However, Zhou suggested that those interested in medium-to-long term trades could consider DEXs as an option.<\/p>\n<p>&#8220;Our role \u2014 and that of any centralized exchange \u2014 is to be ready for mass adoption and be the gateway to Web3 when it happens. So, I still believe in the industry,&#8221; Zhou added. &#8220;In two years, you will see signs of mass adoption. Your uncles, your aunties, your cousins will all start to use crypto,&#8221; he said.<\/p>\n<p><strong>More from Bybit<\/strong><\/p>\n<ul>\n<li><a href=\"https:\/\/www.bybit.com\/app\/user\/proof-of-reserve\">Bybit Proof of Reserves<\/a><\/li>\n<li><a href=\"https:\/\/announcements.bybit.com\/en-US\/article\/bybit-conducts-regular-proof-of-reserves-audits-bltb54e53a391ffd67f\/\">Bybit Conducts Regular Proof of Reserves Audits<\/a><\/li>\n<\/ul>\n<p><strong>About Bybit<\/strong><\/p>\n<p>Bybit is a cryptocurrency exchange established in 2018 that offers a professional platform where crypto traders can find an ultra-fast matching engine, excellent customer service and multilingual community support. Bybit is a proud partner of Formula One\u2019s reigning Constructors\u2019 and Drivers\u2019 champions, the Oracle Red Bull Racing team, esports teams NAVI, Astralis, Alliance, Made in Brazil (MIBR), and Oracle Red Bull Racing Esports, and association football (soccer) team Borussia Dortmund.<\/p>\n<p>For more information please visit: <a href=\"https:\/\/go.bybit.com\/e\/HocplBrbLfb\">https:\/\/www.bybit.com\/<\/a><\/p>\n<p>For updates, please follow: <a href=\"https:\/\/www.bybit.com\/en-us\/promo\/global\/communities\/\">Bybit&#8217;s Communities and Social Media<\/a><\/p>\n<p><a href=\"https:\/\/discord.com\/invite\/bybit\">https:\/\/discord.com\/invite\/bybit<\/a><u><br \/>\n<\/u><a href=\"https:\/\/www.facebook.com\/Bybit\">https:\/\/www.facebook.com\/Bybit<\/a><u><br \/>\n<\/u><a href=\"https:\/\/www.instagram.com\/bybit_official\/\">https:\/\/www.instagram.com\/bybit_official\/<\/a><u><br \/>\n<\/u><a href=\"https:\/\/www.linkedin.com\/company\/bybitexchange\/\">https:\/\/www.linkedin.com\/company\/bybitexchange\/<\/a><u><br \/>\n<\/u><a href=\"https:\/\/www.reddit.com\/r\/Bybit\/\">https:\/\/www.reddit.com\/r\/Bybit\/<\/a><u><br \/>\n<\/u><a href=\"https:\/\/t.me\/BybitEnglish\">https:\/\/t.me\/BybitEnglish<\/a><u><br \/>\n<\/u><a href=\"https:\/\/www.tiktok.com\/@bybit_official\">https:\/\/www.tiktok.com\/@bybit_official<\/a><u><br \/>\n<\/u><a href=\"https:\/\/twitter.com\/Bybit_Official\">https:\/\/twitter.com\/Bybit_Official<\/a><u><br \/>\n<\/u><a href=\"https:\/\/www.youtube.com\/c\/Bybit\">https:\/\/www.youtube.com\/c\/Bybit<\/a><\/p>\n<p>Media Contact:<\/p>\n<p><a href=\"mailto:press@bybit.com\">press@bybit.com<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>The new norms after 2022: crypto exchanges have set a high bar in transparency with 100% verifiable proof of reserves DEXs form an important part of a healthy ecosystem by supporting medium and long-term traders Bybit has a calling as a CEX: delivering seamless integration into Web3 for everyday users DUBAI, UNITED ARAB EMIRATES \u2013 [\u2026]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[2585,17,343],"tags":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v22.6 - 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