Bybit, which is seen as the 4th largest crypto derivatives exchange in the world, is starting to offer new services. Thus, the stock market expands its range of services in addition to the derivative markets that are its focus. The most notable service is that from now on, the exchange will focus on crypto spot trading operations.
The Asian exchange has already started trading BTC/USDT, ETHUSDT, XRPUSDT, EOSUSDT and it is said that more trading pairs will be added to the exchange shortly.
Bybit’s co-founder and CEO, Ben Zhou, believes their new offer is just in time, adding:
It has been Bybit’s greatest privilege to enjoy the ardent support of our community and partners as we continue to grow and evolve. We are excited to bring the world-class liquidity and reliability derivatives our clients associate with Bybit to spot trading.
Bybit has been an important actor of adaptation in crypto investments. Now the sports market will have reached another milestone by starting its operations.
With its experience in derivatives markets, Bybit has increased its customer base day by day. Now it wants to evaluate this demand in spot markets.
Ben Zhou also said:
Liquidity is arguably the most important aspect of everything for asset exchanges. Bybit’s derivatives trading platform has the world’s best liquidity and the tightest spread. It provides traders with the best offer and best execution in the market even during extreme volatility. The crypto spot is not only a basic starting point for new entrants to the market, but also a complementary vector for derivatives traders engaged in hedging strategies.
Bybit met legal obligations before seeing higher trading volumes
Spot market, also called physical or cash market, are platforms where cryptocurrencies and other digital assets are exchanged for instant delivery. This is compared to future contracts 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 stated that it has already implemented KYC requirements, but the new reform aims to align its procedures with industry standards and improve security compliance.
Bybit cloud mining service also starts
As part of the expansion of its individual-focused service suite, Bybit also announced the launch of cloud mining solutions. Cloud mining, the first entry into Bybit’s ByFi product portfolio, offers crypto enthusiasts the chance to mine ether without having to pay high upfront costs or buy expensive mining hardware.
These features have made Bybit a popular cryptocurrency platform with around $8.4 billion in volume in the last 24 hours. This latest activity has also seen the exchange push up the rankings on industry data aggregator CoinMarketCap where it is currently the fourth largest cryptocurrency derivatives platform.