Cryptocurrency derivatives giant Bybit enters spot trading with multiple products

Ben Zhou, the company’s CEO, said major crypto derivatives exchange Bybit launched an on-site trading test of additional products yesterday.

Starting spot trading with multiple products, cryptocurrency derivatives giant Bybit has shown the company’s future growth prospects amid increasing competition in the industry.

The cryptocurrency derivatives giant Bybit is entering spot trading with several products

According to Ben Zhou, the Bybit platform switched cryptocurrencies worth over $ 1 million in 2020. ByBit says it serves over 2.5 million customers in over 200 markets and supports more than a dozen languages.

“We expect the trend to continue this year as we expand beyond perpetual contracts to quarterly futures, cloud mining, spot trading and options,” he said.

In the beta of spot trading, the exchange currently supports the trading pairs BTC / USDT, ETH / USDT, XRP / USDT and EOS / USDT, while other trading pairs are “monitored in real time”.

The full version of the spot trade will arrive before September.

In addition, ByBit plans to introduce Wallet 2.0 for instant withdrawals, with the aim of removing the restrictions typically associated with cold wallets, the CEO said.

The company intends to start options trading in the final quarter of 2021.

Other upcoming changes to the platform include updated desktop and mobile app versions, support for more local languages ​​and fiat currencies.

They also opened a ByFi hub for users to explore various mining contracts, noting that “cloud mining is no longer restricted to the big leagues”.

Bybit and the BitDAO project

Another major project of the company is BitDAO. In June, the Decentralized Autonomous Organization (DAO) BitDAO raised $ 230 million, with ByBit pledging 2.5 basis points of its futures trading volume to the BitDAO Treasury.

“To be honest, BitDAO is bigger than us,” said Zhou. “Dozens of DeFi institutions and projects have stakes. In a way, BitDAO’s success will be all alone as its future will be decided by its community. “

According to the CEO, we are now seeing new decentralized organizations competing for the ability to implement the governance of token holders – and the quality of the technology that spawns it.

When it comes to decentralized exchanges, Bybit itself will eventually take the path of decentralization and “offer its centralized products in a more decentralized manner,” said Zhou.

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