Bybit Fintech, a Dubai-based cryptocurrency exchange, has rapidly ascended to become the world’s second-largest exchange by trading volume, capitalizing on the demise of FTX and expanding its reach across Europe and Russia. Ben Zhou, co-founder and CEO of Bybit, highlighted the strategic targeting of former FTX clients as pivotal in the exchange’s growth trajectory.
Following FTX’s collapse, Bybit seized the opportunity by introducing innovative services allowing digital tokens as collateral for margin trading, a move that doubled its trading volume share to 16% since October. This surge propelled Bybit past Coinbase Global, positioning it just behind Binance Holdings in spot and derivatives transactions, according to Kaiko data.
The exchange’s expansion is buoyed by robust adoption in Europe, where it commands 30% to 35% of trading volumes, and significant traction in the Commonwealth of Independent States (CIS), notably Russia. Bybit has navigated geopolitical challenges, particularly in Russia, adhering to stringent sanction regulations amidst heightened scrutiny of crypto activities.
Looking ahead, Bybit is diversifying its global footprint, establishing offices and securing digital asset licenses in strategic locations such as Georgia and Kazakhstan. The exchange is also eyeing emerging markets like Brazil, Turkey, and various African nations, aiming to sustain its growth momentum amid evolving regulatory landscapes.
Bybit’s proactive stance includes a compliance review of its interactions with prime brokers, pivotal in enhancing liquidity and institutional trader engagement. With over 30 million users since its inception in 2018, Bybit continues to innovate and expand, with plans to establish its first European office in the Netherlands by August, underscoring its commitment to global market leadership in the cryptocurrency realm.
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