Bybit
| Overall Rating: | 85 / 100 |
| Trade Volume Ranking: | 3 (Derivatives) |
| Type: | BTC/USD, ETH/USD, XRP/USD, EOS/USD, BTC/USDT Perpetual Contracts |
| Founded: | March 2018 |
| Headquaters: | Singapore |
| Official Site: | Visit Bybit Exchange |
| Proof of Reserves: | View Bybit PoR |
| Co-Founder and CEO: | Ben Zhou (LinkedIn) |
| Investors: | Paradigm |
| Info: | Announcements |
| Advantages: | ♦ Fastest growing cryptocurrency derivatives exchange
♦ Laser-focused on perpetual contracts trading and best-in-class market depth ♦ Excellent risk management: Mutual Insurance provides payoffs to traders in protecting their perpetual contract positions against unfavorable market movements ♦ 100K TPS matching engine ♦ Powerful industry-leading API functionalities ♦ Support 6 languages |
— History —
In March 2018, Ben Zhou founded Bybit in Singapore as a cryptocurrency trading platform. It is registered on the British Virgin Islands, which exempts it form making Know Your Customer (KYC) checks. It however blocks users from countries where cryptocurrency trading is banned.
In November 2019, Bybit announced and opened registration for its first global competition in BTC trading.
In 2019, Bybit held trading competitions for the Japanese and Korean customers.
In 2019, the Bybit affiliate program was launched. The program aimed to bring onboard business partners who would market the platform and get commissions for the new customers who sign up on the platform through their influence.
In May 2020, Bybit launched a Mutual Insurance which would help traders in risk management against unforeseen and unfavorable market shifts.
On June 22, 2020, Bybit launched Fiat Money gateway which is supported by 20 currencies. This opened the window for users to make payments using these currencies.
On June 24, 2020, Bybit launched Creative UGC Campaign and encouraged participants to share relevant content. The most creative participant would be crowned the winner, and the top 3 winners would share $1,000 worth of Bitcoin.
On July 9, 2020, Bybit signed a partnership with UNICEF New Zealand to support needy children who were heavily impacted by Covid-19. The company pledged about $110,000 donations from the WSOT trading fund.
On July 30, 2020, Bybit introduced the World Series of Trading (WSOT) competition. The top prize was set at 200 BTC.
In August 2020, Bybit expanded its operations to Japan and Korea and introduced JP¥ and KRW as new currencies on the platform.
In August 2020, Bybit Insurance was launched as a kitty to cushion traders on the Bybit platform in case they experienced losses due to negative equity.
On August 18, 2020, Bybit announced that more than 12,500 participants had registered for the WSOT million-dollar trading competition.
In August 2020, Bybit’s USDT perpetual charts were availed for view in TradingView. This meant that traders could follow cryptocurrency market trades in real-time to make trading decisions on their USDT.
February 2021: Bybit launches a new feature called Mutual Insurance, which provides a way for users to hedge their positions against unexpected losses.
April 2021: Bybit becomes the first crypto derivatives exchange to partner with TradingView, a popular charting and trading platform.
May 2021: Bybit announces that it will no longer offer its services to users in the United Kingdom, due to regulatory concerns.
June 2021: Bybit is named the third-largest derivatives exchange by trading volume, according to data from CryptoCompare.
July 2021: Bybit launches a new mobile app, which allows users to trade cryptocurrencies and derivatives on the go.
August 2021: Bybit announces that it will expand its services to users in Japan, following the approval of its registration with the Japanese Financial Services Agency.
September 2021: Bybit introduces a new feature called Dual Price Mechanism, which is designed to reduce the risk of price manipulation on its platform.
October 2021: Bybit becomes the first crypto derivatives exchange to launch a branded esports team, called Bybit Bravehearts.
November 2021: Bybit is named the third-largest crypto derivatives exchange by open interest, according to data from Skew.
December 2021: Bybit partners with Solana, a high-speed blockchain platform, to offer trading in SOL futures contracts.
February 2022: Bybit announces that it has suspended all trading and withdrawal services due to a technical issue with its hot wallet system.
March 2022: Bybit resumes trading and withdrawal services after resolving the technical issue with its hot wallet system.
March 2022: Bybit announces that it has added support for four new cryptocurrencies, including Dogecoin (DOGE), Shiba Inu (SHIB), Polkadot (DOT), and Avalanche (AVAX).
March 2022: Bybit partners with Polygon (MATIC) to launch a new decentralized exchange (DEX) on the Polygon network.
March 2022: Bybit announces that it has surpassed $1 trillion in trading volume since its launch in 2018.
March 2022: Bybit partners with Aave (AAVE) to offer leveraged trading for AAVE futures contracts.
March 2022: Bybit launches a new feature called Bybit Boost, which allows users to increase their leverage on selected trading pairs.
