Fintech PR
Bybit’s 13th Proof of Reserves Report Highlights Strong Asset Backing Verified by Hacken Audit
DUBAI, UAE, Aug. 15, 2024 /PRNewswire/ — Bybit, the world’s second-largest cryptocurrency exchange by trading volume, proudly announces the release of its latest Proof of Reserves (PoR) report. The report includes data on Bybit’s holdings of Ethena USD (USDe) for the first time.
Key Highlights:
Bybit’s new PoR report (based on an August 8 snapshot) reveals that the exchange maintains a solid reserve ratio across its most traded assets, ensuring all customer funds are fully backed. The report covers the holdings of close to 40 million users, offering a comprehensive view of Bybit’s asset holdings and affirming its dedication to financial integrity.
Unwavering Reserve Ratios Across Major Assets
Bybit continues to pledge to maintain over 100% reserve ratios for its primary assets. The current ratios for the top assets on Bybit’s platform are as follows:
- BTC: 100%
- ETH: 102%
- USDT: 107%
- USDC: 155%
- USDe: 104%
These figures demonstrate Bybit’s proactive approach in ensuring customer assets are securely backed and easily verifiable.
Innovative Proof of Reserves Technology
Bybit’s PoR process employs cutting-edge cryptographic technology, which was independently audited by Hacken in August as part of a monthly audit. These third-party auditors attested to Bybit’s commitment to transparency and security, setting a high standard for the industry.
Commitment to Industry Transparency
“Our latest PoR report is a testament to Bybit’s unwavering dedication to transparency and customer trust,” said Joan Han, Sales & Marketing Director of Bybit. “By regularly publishing these reports and having our public wallets tracked in real time by Nansen, we provide our clients with real-time assurances about their assets and contribute to a broader culture of openness in the crypto industry. We aim to lead by example and encourage others in the sector to prioritize transparency.”
Independent auditors Hacken praised the integrity of Bybit’s Proof-of-Reserve in their August audit. “During the meticulous Proof of Reserves process, Bybit has successfully proved that its holdings provide full coverage for user liabilities, maintaining a remarkable 1:1 ratio for all in-scope assets. This assurance is substantiated by the compelling findings outlined.”
Bybit has advocated for industry-wide transparency, actively participating in discussions and initiatives aimed at enhancing trust and accountability in the cryptocurrency space.
#Bybit / #TheCryptoArk
About Bybit
Bybit is the world’s second-largest cryptocurrency exchange by trading volume, serving over 40 million users. Established in 2018, Bybit provides 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.
For media inquiries, please contact: [email protected]
For more information, please visit: https://www.bybit.com
For updates, please follow: Bybit’s Communities and Social Media
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View original content:https://www.prnewswire.co.uk/news-releases/bybits-13th-proof-of-reserves-report-highlights-strong-asset-backing-verified-by-hacken-audit-302223544.html
Fintech PR
Davidson Kempner completes landmark $1 billion+ debt restructuring of UAE-based plastic manufacturer
NEW YORK and MANAMA, Bahrain, Oct. 23, 2024 /PRNewswire/ — Davidson Kempner Capital Management LP (“Davidson Kempner“), a global investment management firm, has completed the restructuring of more than $1 billion of debt in the JBF Group (“JBF”), a business with industrial plants in the United Arab Emirates (“UAE”), Belgium and Bahrain, which manufactures and supplies high-quality polyester resins and films used in the packaging industry.
The transaction is believed to be the first significant debt-for-equity transaction of this kind executed under the UAE’s onshore bankruptcy law, setting a precedent for foreign investors in supporting businesses in the region with restructurings.
The transaction will see Davidson Kempner hold a significant majority equity stake in JBF Belgium and JBF Bahrain, with local and international investors holding the remainder.
The arrangement positions JBF Belgium and JBF Bahrain to prosper under the ownership of supportive and well-capitalized institutions who are committed to the long-term success of the business, allowing management to focus on innovation and growth, while preserving jobs at JBF’s three plants in the Gulf region and Europe.
For media enquiries:
Davidson Kempner Capital Management
[email protected]
Notes for Editors
About Davidson Kempner Capital Management
Davidson Kempner Capital Management LP is a global investment management firm with over 40 years of experience and a focus on fundamental investing with a multi-strategy approach. Davidson Kempner has more than $37 billion in assets under management and over 500 employees across seven offices: New York, Philadelphia, London, Dublin, Hong Kong, Shenzhen and Mumbai. Additional information is available at: www.davidsonkempner.com.
View original content:https://www.prnewswire.co.uk/news-releases/davidson-kempner-completes-landmark-1-billion-debt-restructuring-of-uae-based-plastic-manufacturer-302283777.html
Fintech PR
IDB Invest Launches Landmark $1 Billion Securitization in Latin America and the Caribbean
WASHINGTON, Oct. 23, 2024 /PRNewswire/ — IDB Invest announced a $1 billion securitization transaction, the first of its kind for private investors to buy multilateral development bank (MDB) assets from Latin America and the Caribbean. This innovative financial structure seeks to create a new MDB asset class for international investors. IDB Invest partnered with Santander and Clifford Chance as key advisors.
The securitization will be unveiled today during the launch event On the Road to Originate to Share, in Washington, D.C., featuring remarks by Ilan Goldfajn, IDB President; James Scriven, CEO of IDB Invest; Ana Botín, CEO of Santander; and Alexia Latortue, U.S. Treasury Assistant Secretary for International Trade and Development.
The transaction – Scaling4Impact – consists of securitizing $1 billion of IDB Invest’s portfolio, creating a tranched structure with an $870 million senior tranche; a $100 million mezzanine tranche, a portion being sold to international investor Newmarket Capital and the remainder insured by AXIS and AXA; and a $30 million junior tranche retained by IDB Invest.
The securitized portfolio includes assets from 20 countries and 10 sectors, such as corporates, infrastructure, energy and financial institutions. The transaction will free up capital, creating up to half a billion in additional lending capacity for new projects.
“With our new originate to share business model, our strong ties with governments and the deep synergies between our private and public sector work, we’re uniquely positioned to attract private capital,” said IDB President, Ilan Goldfajn. “Through this landmark transaction, we are connecting development assets with global investors to scale impact in Latin America and the Caribbean.”
“This initiative marks a major step in IDB Invest’s transition to our new originate-to-share business model, aimed at mobilizing capital and scaling impact through the private sector,” said James Scriven, IDB Invest CEO. “We are building a new MDB asset class to crowd-in investors seeking unique impactful investment opportunities in emerging markets.”
About IDB Invest
IDB Invest is a multilateral development bank committed to promoting the economic development of its member countries in Latin America and the Caribbean through the private sector. IDB Invest finances sustainable projects to achieve financial results and maximize economic, social, and environmental development. With a $21 billion portfolio in development-related assets under management, 394 clients in 25 countries, IDB Invest provides financial solutions and advisory that meet its clients’ needs.
Media Contact:
Ana Escudero
[email protected]
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View original content:https://www.prnewswire.co.uk/news-releases/idb-invest-launches-landmark-1-billion-securitization-in-latin-america-and-the-caribbean-302284116.html
Fintech PR
CGTN: How China contributes to greater BRICS cooperation
BEIJING, Oct. 23, 2024 /PRNewswire/ — Leaders of the BRICS countries are having their first face-to-face gathering in the Russian city of Kazan after the group’s historic expansion from five members to 10 in January.
Chinese President Xi Jinping arrived in Kazan on Tuesday for the 16th BRICS Summit. Xi will exchange views with other leaders on practical cooperation and the development of the BRICS mechanism for emerging economies, among other topics, during the summit.
China has consistently been a staunch supporter and participant in the BRICS cooperation mechanism, seeking win-win cooperation with other members and following the spirit of openness and inclusiveness.
Win-win cooperation
Since its founding, BRICS has sought win-win cooperation, with the Shanghai-headquartered New Development Bank (NDB) being a flagship project of BRICS cooperation.
As the first multilateral development bank established by emerging economies, the NDB provides financing support for infrastructure development, clean energy, environmental protection, and building cyberinfrastructure across BRICS countries. By the end of 2023, it had approved 105 projects in all member countries for approximately $35 billion.
The NDB serves as a significant platform for international cooperation that transcends the territorial boundaries, which not only amplifies the voices of BRICS countries but also represents the shared aspirations of other nations, Dilma Rousseff, president of the NDB, told media recently.
China has been committed to deepening mutually beneficial cooperation with BRICS partners. In the first quarter of this year, trade between China and BRICS countries reached 1.49 trillion yuan (about $209.7 billion), an increase of 11.3 percent year on year, according to customs authorities.
Ronnie Lins, executive director of the Brazil-China Research and Business Center, said China plays a crucial role in building consensus among BRICS countries, promoting coordination and cooperation, and advancing a common agenda.
‘Not a closed club’
Openness and inclusiveness have remained BRICS members’ abiding commitment since the mechanism’s inception. Xi has repeatedly emphasized that BRICS countries do not gather in a closed club or an exclusive circle.
At a gathering in Xiamen in 2017, the Chinese leader put forward the “BRICS Plus” program, encouraging more emerging markets and developing nations’ participation.
On January 1, 2024, Egypt, Ethiopia, Iran, Saudi Arabia and the United Arab Emirates became BRICS members, joining Brazil, Russia, India, China and South Africa, marking the official beginning of greater BRICS cooperation.
More than 30 nations have either formally applied for or expressed interest in its membership, and many other developing countries are seeking deeper cooperation with the group.
Speaking about the Kazan summit, Lin Jian, a Chinese Foreign Ministry spokesperson, said that BRICS has become a positive and stable force for good in international affairs.
He said China stands ready to work with other parties to strive for the steady and sustained development of greater BRICS cooperation, open a new era for the Global South to seek strength through solidarity and jointly promote world peace and development.
View original content:https://www.prnewswire.co.uk/news-releases/cgtn-how-china-contributes-to-greater-brics-cooperation-302284004.html
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