Bybit, the cryptocurrency exchange established in 2018, has reported a significant increase in trading volume for USDC pairs as it ramps up efforts to meet market demands. The surge in trading activity can be attributed to the trust that traders, institutions, and investors put in the platform’s battle-tested trading engine, proof of reserves, and sound risk management.
Bybit’s success in navigating the recent crypto and banking volatility is reflected in its expanding user base, which has grown rapidly throughout 2022 despite challenges.
The spot market volume for USDC grew an astonishing 1,437%, with USDC contribution to the total spot trading volume rising from 8% to 40%. Bybit’s perpetual market saw the daily trading volume of the USDC/USDT pair exceed $380 million, and the annualized funding rate reach as high as 740%. Bybit is also offering zero fees on its options contracts and zero fees on all USDC Spot pairs and major stablecoin pairs such as USDC/USDT, BUSD/USDT, DAI/USDT, and WBTC/BTC to optimize the trading experience and flexibility in portfolio management.
In addition, Bybit has launched Bybit Wallet, which allows users to access decentralized finance apps while keeping their funds safe in custody. The company has also launched Bybit Card, a debit card powered by the Mastercard network, which enables users to off-ramp crypto into fiat to easily make purchases or take out cash from ATMs. The digital card is already available with preorders for the physical card commencing on March 17.
Ben Zhou, the CEO and co-founder of Bybit, emphasized the company’s commitment to its customers, stating that they excel in listening, caring, and improving. He added that their years of building platform integrity, fund safety, security, product integrations, and risk management have enabled them to support the surge in trading volumes during volatile markets.
Zhou also expressed Bybit’s determination to provide next-level products such as AI trading bots, easy fiat conversions, and proof of reserves, which will empower their customers. He concluded that Bybit is a reliable and transparent choice for investors during high volatility and is on track to becoming the go-to “Crypto Ark” for investors worldwide.
Bybit has also announced plans for a new headquarters in Dubai in spring 2023. The Middle East is a burgeoning digital assets hub, with more than 400 crypto and blockchain businesses operating in the region. Bybit has taken the No.2 spot among exchanges in the region and has generated $33.
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