When you buy bitcoin on Coinbits, it is held in your Cybrid custody account, which is managed by a qualified custodian. The qualified custodian Cybrid utilizes is the same entity that holds bitcoin for a number of the newly approved spot bitcoin ETFs, including BlackRock, Franklin Templeton, and WisdomTree.
You should think of your Cybrid custodial account as a temporary landing place for your bitcoin until you withdraw it to your own private wallet. We highly encourage you to responsibly take custody of your bitcoin by withdrawing it from your custody account into a wallet that you control directly. Read more about how to take custody of your bitcoin.