Highlights
- Bybit Joins List of Exchanges to See Massive Increase in Trading Volume Amid USDC Volatility
- Bybit ranks second among exchanges in the Middle East and North Africa
- Bybit Launches Mastercard-Powered Bybit Card to Enable Easy Crypto Funds Withdrawals
Despite the choppy crypto market conditions that triggered extreme USDC volatility, Bybit appears to have an incredible advantage in the situation. Bybit is witnessing a significant increase in its spot market volume for USDC, reporting that it was up 1.437%.
According to an official press release on Thursday, the company revealed that it had recently experienced an increase in volume in USDC pairs. It appears as a compensation for the company’s high operating standards as it reveals relentless efforts to meet the expectations of its customers.
Bybit’s Incredible Growth Amid USDC Volatility
According to the announcement, Bybit believes its remarkable success is attributable to customers seeking reliable platforms to navigate the recent swings in the crypto and banking industries, which, in turn, seems like they deem Bybit capable and reliable for safe and efficient transactions with USDC pairs.
The event suggests that per bit has earned an outstanding reputation for providing top-notch security and market depth. The announcement analyzed that spot market volume for USDC on Bybit grew by a remarkable 1,437%, and USDC’s contribution to total spot trading volume increased from 8% to 40%. .
Additionally, the perpetual market saw the daily trading volume for the USDC/USDT pair exceed $380 million on Bybit. Consequently, the annualized funding rate also reacted with a peak reaching a high of 740%.
Besides the incredible growth that the platform has recorded in its trading volume, it is accurate to say that the rapid expansion of Bybit’s user base and the confidence of traders, institutions and investors in it currently touting are further evidence of its success.
Ben Zhou, co-founder and CEO of Bybit acknowledged the company’s ability to meet customer expectations saying;
“One thing we do well at Bybit is listen, care and improve. It’s our job to be there for our customers when they need us most. And we’re able to supporting increased volumes in volatile markets through years of developing platform integrity, fund safety, security, product integrations and risk management.We are committed to delivering our clients with next-level products such as AI trading robots, easy fiat conversions and proof of reserves.
Bybit ranks 2nd among exchanges in the Middle East and North Africa
Bybit has basically been on a growth and reliable trend since 2022. The exchange was reportedly able to grow its market share over the year despite ongoing market challenges due to its proven trading engine, proof of reserves and sound. risk management. Therefore, it is very exciting to see the company maintain the growth trend until 2023.
Moreover, as the Middle East’s digital asset hub continues to grow, with more than 400 crypto and blockchain companies currently operating in the region, Bybit has already secured the number two spot among exchanges in the region. Since 2022, the exchange has generated up to $33.5 billion in trading volume in the Middle East and North Africa in less than a year. Nonetheless, Bybit is pushing for continued growth, regardless of its superior growth. He revealed he was on track to double that figure in 2023, thanks to his commitment to reliability, transparency and innovative product offerings. As such, Bybit has unveiled plans to expand its global presence with a new headquarters in Dubai set to open in spring 2023.
Bybit Launches Bybit Card to Enable Easy Crypto Funds Withdrawals
Following Bybit’s efforts to provide users with many efficient products and utilities, it unveiled the launch of the Debit card. The card is designed as a debit card powered by Mastercard. The Bybit card offers users the ability to convert their cryptocurrency into fiat, which can be used to make purchases or easily withdraw cash from ATMs.
Bybit noted that the digital version of the map is already available. Meanwhile, it will begin pre-orders for the physical card on March 17.
Additionally, Bybit also announced a new offering to improve the trading experience and portfolio management flexibility for its users. This includes zero fees on all USDC Spot pairs and major stablecoin pairs, such as USDC/USDT, BUSD/USDT, DAI/USDT, and WBTC/BTC, as well as zero fees on its options contracts.
Conclusion
Bybit’s recent increase in USDC transaction volume and overall success in the Middle East and North Africa regions can be attributed to its commitment to providing a reliable and secure platform to its customers. The launch of the Bybit card and the absence of fees on certain pairs further improve the user experience and flexibility. With its global expansion plans and innovative product offerings, Bybit is poised for continued growth in 2023 and beyond.