Bybit Extends Proof-Of-Reserves To Include 32 Crypto Assets as AVAX Price Rallies by 10%

By: Eva Baxter

Bybit, a leading crypto exchange, has extended its proof-of-reserves (PoR) attestation to include 32 digital assets, setting a noteworthy benchmark in the crypto market. The Dubai-based exchange boasts a collateralization of the tokens ranging from 100-124%, as per recent press release. Transparency is of the utmost importance to Bybit, as the exchange has received top industry ratings and utilizes an innovative wallet system to ensure the security and accessibility of user funds.

The AVAX price has witnessed an impressive 10% rally, cementing its position above the vital $45 level against the US dollar. Staving off resistance that could cap its progress, Avalanche appears set for a more significant rally, potentially overcoming the $50 point.

However, despite these positive developments, both Bybit and Avalanche face potential regulatory risks. Proof-of-reserve (PoR) reports, although seen as steps towards bolstering transparency, have come under scrutiny from regulators including the Public Company Accounting Oversight Board (PCAOB) and the SEC. These bodies argue that while PoR reports offer snapshots into a company's stance, they cannot replace the nuanced financial pictures audits provide.