Bybit looks to the future in year-end keynote address

Dubai, United Arab Emirates –News Direct– Bybit

Ben Zhou, Co-Founder and CEO of Bybit, the world’s third most visited cryptocurrency exchange, shared Bybit’s journey to become a Crypto Ark and a gateway to enable users to level up to Web3 on a candid exchange. at a virtual event last week. . Featuring speakers and specialists in product marketing, options, financial products, and Bybit’s decentralized exchange (DEX) partner, ApeX Pro, the live event wrapped up a dramatic year in crypto for the exchange and celebrations of its fourth birthday. .

Zhou reflected on building cadences towards a Web3-ready ecosystem, surviving and thriving in bear markets and the future of centralized exchanges (CEXs), amid a series of glowing milestones and product drops in his year-end review. .

Bybit’s 2022 in numbers

In a roller coaster year in which many people succumbed to market adversity, Bybit delivered its “Top 10”:

• Brand 3.0 for Web 3.0. The new brand identity reaffirms Bybit’s mission to become the world’s Crypto Ark and a gateway to Web3 by offering top-tier Web3 reliability, products and opportunities to institutional and retail investors alike.

• Trusted by 10 million users in 160 countries. Bybit more than doubled its global user base year over year to over 10 million. More than half a million new users started their crypto journey on Bybit with the exchange’s zero-fee campaign in 2022.

• 19 country specific teams around the world. Bybit planted its local roots “aggressively” last year. To achieve globalization with localized standards and dedicated support, Zhou said, “a truly global company needs to be truly local.”

• Supports 20 languages. Bybit now supports trading in 20 languages ​​and provides 24/7 customer support in 13 languages.

• Fast and steady wins the race. Platform optimizations across web and mobile apps saw latency approach zero, ensuring a smooth and blazing-fast experience for users to capture every move in the market. The benchmarking engine recorded its peak performance at 135,000 transactions per second (TPS) with millisecond accuracy, including server response time on the 5G network. Institutional customers can also upgrade to API v.3 for optimal execution speed and seamless integration.

• Fiat-on-ramp, Spot, Futures and Options. Breaking down barriers and bridging the old and new worlds of finance, Bybit processed more than 41,000 fiat orders at its peak day in 2022, supporting 55 fiat currencies through 547 payment methods. Their Place Exchange market share increased 369% and entered the top 10 in the world upon its launch in July 2021. Futures It remained Bybit’s flagship product, leading the industry in USDC perpetual market share and providing abundant liquidity for USDT pairs. In Options10% of volumes were denominated on Bybit’s books and it continued to grow with product innovation, including the first USDC linear options to market.

• Maximum capital efficiency and commercial flexibility. Using digital assets as collateral in Unified Margin Accounts and Portfolio Margin Mode, investors can trade USDC and USDT derivatives and use profit and loss offsetting features between different classes of derivatives, an advanced tool available to traders. retailers in Bybit.

• All trading tools in one tab. The new trading tools section on Bybit makes advanced trading tools accessible to everyone in seconds. Customizable, automated, and risk-adjusted tools are put to work 24/7 in a market that never sleeps. copy trade — 680 active day master traders and their 120,000 active daily followers traded a daily average of $100 million. trading robots Leveraged intelligent AI parameters to boost trading and increased win rate for users by 30% with the Spot and Futures Grid Botgenerating over $5 million in profit.

• A CEX for a decentralized future. Bybit was the first CEX to integrate one of the fastest DEXs on the market, ApeX Pro, into its platform, combining the security and low fees of a DEX with cross-chain and cross-layer interoperability, instant finality, and ease of use. of a CEX. Trading on DEX is just three steps away for Bybit users.

• Deepening of alliances. In 2022, Bybit jumped ahead of reigning Formula One driver and constructor champions Oracle Red Bull Racing by introducing the world’s first NFT printed on an F1 car. Lei Azuki lighting, at the Abu Dhabi Grand Prix, registering 17,800 entries. At the product level, Bybit helped drive mass adoption of USDC as a premier venue for USDC products in its partnership with Circle. Zhou also hinted at new integrations with Paradigm and independent escrow partners Fireblocks and Copper.co in response to customer demands for third-party escrow solutions.

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2023: Navigating to Web3

Zhou shared Bybit’s plan for 2023 and furthered the exchange’s Web3 ambition.

“We believe that mass adoption will happen and it will happen from within cryptocurrencies.

The Crypto Ark is there to help people easily access Web3 and get them where they want to be,” Zhou said.

He said the idea behind Bybit’s Web3 push was to allow users to explore more with fewer clicks, starting with the Bybit Web3 Wallet.

Designed as a centralized wallet to provide the same user experience as decentralized ones protected with MPC solutions, the new wallet solution attracted more than 38,000 users in two months. The next step, Zhou said, was to accelerate its connectivity across chains, product types, and as a secure browser plugin in early 2023, including initial DEX offerings (IDOs) where users and projects can participate in or start their own IDOs. in a new decentralized way.

Hao Yang, Bybit’s head of options, revealed the “end game” for Bybit’s account system in 2023 with the Unified business account. Zhou said the “significant improvement” will allow users not to leave unrealized losses on their holdings. The roadmap also includes a fully enabled portfolio margin mode for all open positions across all product lines.

“This will be the latest version of the capital efficiency of your assets, regardless of what you are trading,” Zhou said.

In 2023, VIP and whitelisted users in select markets will be able to access the highly anticipated Bybit card for everyday crypto use. The debit card promises attractive rewards programs, the best exchange rates, and the lowest fees.

Smarter and more powerful trading bots and tools were also part of the roadmap: MultiCopy, Smart Copy Mode and the revamped Follower Center will take the overall trading experience to the next level.

Changing feeling, same commitment

Zhou reiterated Bybit’s commitment to keep customer funds separate by submitting his reserve trial programconfirming that the Merkle-Tree solution on their website would continue to be updated.

“I want to stress that Bybit is committed to openness and transparency with all of our users, providing the highest level of trust, integrity and security,” Zhou said.

Zhou gave special thanks to Oracle Red Bull Racing, of which Bybit is the senior team partner. “We will continue to collaborate with Oracle Red Bull Racing and create more exciting Web3 applications, fan tokens, NFTs and activations for the fan bases.”

Surpassing its second crypto winter since its inception, Bybit’s growth horizon extends beyond temporary bullish or bearish market conditions.

“We have observed that in the last DeFi summer bull run, it only benefited the core groups of crypto people. Newcomers couldn’t really enjoy it because the onboarding process was simply too long and difficult,” Zhou said.

“Bybit Web3 was born solely for that. We built it so that when the next bull run happens, our wallet is so easy to use – everyone will need one click to participate in Web3 – and so powerful that it can support all the exciting projects,” he said.

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Bybit is a cryptocurrency exchange established in 2018 that offers a professional platform where cryptocurrency traders can find a lightning-fast matching engine, excellent customer service, and multilingual community support. Bybit is a proud partner of reigning Formula One Constructors’ and Drivers’ Champions, Oracle Red Bull Racing Team, NAVI, Astralis, Alliance, Made in Brazil (MIBR) and Oracle Red Bull Racing Esports esports teams, and the association football (soccer) team Borussia Dortmund.

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