Richard

Secure

Security

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Bybit, a leading cryptocurrency exchange globally recognized for its substantial trading volumes, has strategically integrated Fireblocks Off Exchange to mitigate counterparty risks associated with institutional trades. This integration marks a significant advancement in enhancing security protocols within the digital asset trading ecosystem. 
Advanced Security Measures Implemented 
By incorporating Fireblocks Off Exchange, Bybit empowers institutional traders to execute transactions securely on centralised exchanges using an innovative on-chain multiparty computation (MPC) shared wallet.&nbsp; 
This approach effectively reduces the exposure to exchange-related risks such as hacks, fraud, and bankruptcy, safeguarding traders’ assets comprehensively. 
The Fireblocks Network, instrumental in supporting Off Exchange, has facilitated transactions exceeding $200 billion in the past 90 days across more than 30 connected exchanges. This robust network underscores the reliability and scalability of Bybit’s new security framework. 
Key Benefits for Institutional Clients 
Fireblocks Off Exchange utilises MPC technology to lock and mirror assets securely to connected exchanges. This feature ensures that client funds are protected in collateral vault accounts (CVAs), minimising the risk of unauthorised access.&nbsp; 
Real-time settlement capabilities further enhance transparency by recording all transactions and asset movements on the blockchain, offering clear traceability without the need for custodial services. 
Institutional traders gain flexibility with the ability to withdraw assets to other platforms or wallets as needed, providing them with greater control over their trading strategies and asset management. This flexibility enhances operational efficiency and optimises capital allocation, contributing to a more dynamic trading environment. 
Eugene Cheung, Head of Institutions at Bybit, highlights the platform’s focus on boosting trust in crypto with advanced security measures and Fireblocks Off Exchange for institutional asset safety. 
Richard Astle, VP of Business Development at Fireblocks Network, emphasises the advantages of using Fireblocks’ platform. It boosts security, improves trading efficiency, and expands network connections for institutional clients. 
<blockquote class="wp-block-quote is-layout-flow wp-block-quote-is-layout-flow"> 
 Also Read: <a href="https://www.cryptotimes.io/2024/06/17/bybit-launches-zksync-project-on-bystarter-with-14-7m-zk-prizepool/" target="_blank" rel="noreferrer noopener">Bybit Launches ZKsync Project on ByStarter with 14.7M ZK PrizePool</a> 
</blockquote>

Bybit Adopts Fireblocks to Secure Institutional Crypto Trades

The Crypto Times

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