Crypto exchange Bybit is looking to branch out of its singular focus on crypto derivatives with a suite of new product offerings. Although derivatives are to remain at the heart of Bybit’s business, the popular platform will add spot crypto trading as it aims to aggressively grow their user base.
The Asian exchange has already launched trading on BTC/USDT, ETHUSDT, XRPUSDT, EOSUSDT, and the listing of more pairs is said to take place shortly.
Ben Zhou, co-founder and CEO of Bybit, explained that their new offering is coming rather timely, adding: “It has been Bybit’s utmost privilege to have enjoyed the ardent support of our community and partners as we continue to grow and improve. We are excited to bring with us to spot trading the world class liquidity and reliability derivatives clients have come to associate with Bybit.”
Bybit has been an integral participant in the continued mass adoption of cryptocurrency investments, and the launch of a spot market is yet another milestone.
Bybit said client demand to trade spot cryptocurrencies has been significant, with growing interest coming from their existing customer base across the different coins they offer in the derivatives market. With this new product, Bybit is addressing one of the frictions in the investor experience as they are now able to more confidently execute spot trades, knowing that their actual assets remain safe.
“Liquidity is arguably the be-all and end-all attribute for asset exchanges. Bybit’s derivatives trading platform has the world’s best liquidity and tightest spread. Traders are ensured the best quote and best execution in the market even during extreme volatility. Crypto spot is not only a foundational starting point for new market entrants, but a complementary vector for derivatives traders engaging in hedging strategies,” the exchange said.
Bybit adapts as higher trading volumes looming
The spot market – also referred to as physical or cash market – is where cryptocurrencies and other digital assets are swapped for immediate delivery. This compares to future contracts, which are based on the delivery of funds and the underlying asset at a later date.
Bybit has recently updated its know-your-customer (KYC) policy in anticipation of higher trading volumes following the planned introduction of spot trading. The exchange noted that it already implements KYC requirements, but the new reform is meant to align their procedures with the industry standards and improve security compliance.
As part of the expansion of its retail-focused services suite, Bybit has also announced the grand opening of their cloud mining solutions. As the first entry to Bybit’s ByFi product portfolio, the cloud mining offers a chance for crypto enthusiasts to mine ether without having to pay hefty upfront costs or purchase expensive mining hardware.
These features have made Bybit a popular crypto venue, handling nearly $8.4 billion in volume over the last 24 hours. This recent activity has also seen the exchange shoot up the rankings on the list of industry data aggregator CoinMarketCap, where it is now the fourth-largest cryptocurrency derivatives platform.
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