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DUBAI, UAE, June 18, 2024 /PRNewswire/ — Bybit, one of the world’s top three crypto exchanges by volume, today announced that it is leveraging Fireblocks, an enterprise platform to manage digital asset operations and build innovative businesses on the blockchain, and integrating its Off Exchange solution to mitigate counterparty risk for institutional trades.
Off Exchange is an innovative solution which empowers institutional traders to trade on centralized exchanges from an on-chain multiparty computation (MPC) shared wallet, mitigating exchange counterparty risk. In the last 90 days, the Fireblocks Network, upon which Off Exchange was deployed, facilitated over $200 billion in transactions between institutional traders and over 30 connected exchanges.
Off Exchange leverages MPC technology to enable traders to allocate and mirror assets directly to an exchange from a wallet they mutually control, protecting their principal from counterparty risk, such as hacks, bankruptcy and fraud, while providing centralized exchanges with complete on-chain transparency that client accounts are fully collateralized. By utilizing Off Exchange, Bybit is taking a proactive step towards bolstering security protocols and meeting the evolving needs of institutional traders.
Key benefits of Fireblocks Off Exchange for institutional clients, include:
Eugene Cheung, Head of Institutions at Bybit, said: “At Bybit, we are committed to fostering trust in the crypto industry and enhancing the security of institutional trades. The integration of Fireblocks Off Exchange offers enhanced on-chain transparency and a reliable trading environment, reinforcing trust and confidence for our customers. By leveraging Fireblocks, we underscore our unwavering commitment to institutional asset safety, which has always been a top priority for us. “
Richard Astle, VP Business Development, Fireblocks Network, added: “Fireblocks has always taken an innovative, technology-first approach to solving some of the most pressing challenges in the digital assets industry. By using the Fireblocks Network, an institutional-grade digital asset transfer platform for rapid digital asset transactions and dynamic payment workflows, businesses gain direct connectivity to over 1,800 liquidity partners, trading venues, and counterparties and can streamline their trading operations with Network applications such as Off Exchange.”
“We work with different partners to ensure client security and operational efficiency,” added Cheung. “Along with the newly launched Asset Management Account, Bybit provides a best-in-class trading experience for our institutional clients.”
#Bybit / #TheCryptoArk
About Bybit
Bybit is one of the world’s top three cryptocurrency exchanges by volume with 30 million users. Established in 2018. It offers a professional platform where crypto investors and traders can find an ultra-fast matching engine, 24/7 customer service, and multilingual community support. Bybit is a proud partner of Formula One’s reigning Constructors’ and Drivers’ champions: the Oracle Red Bull Racing team.
For more details about Bybit, please visit Bybit Press.
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View original content:https://www.prnewswire.co.uk/news-releases/bybit-integrates-fireblocks-off-exchange-to-mitigate-counterparty-risk-for-institutional-trades-302174064.html
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