Key Highlights
- Bybit joins the list of exchanges to see massive surge in trading volume amid USDC volatility
- Bybit ranks second among exchanges in the Middle East and North Africa
- Bybit launches a Mastercard-powered Bybit Card to enable easy withdrawals of crypto funds
Despite the unstable crypto market conditions that have triggered extreme volatility in USDC, Bybit seems to be making an incredible edge over the situation. Bybit testifies to a significant spike in its spot market volume for USDC, stating it has grown by 1.437%.
According to an official press release on Thursday, the company revealed it has recently experienced a surge in volume for USDC pairs. It appears as compensation for the company’s high operating standards as it reveals unrelenting efforts to meet the expectations of its customers.
Bybit’s Incredible Growth Amid USDC Volatility
According to the announcement, Bybit believes that its remarkable success is attributable to customers seeking reliable platforms to navigate the recent fluctuations in both the crypto and banking sectors, which in return, appears that they deem Bybit fit and reliable for safe and efficient transactions with the USDC pairs.
The event suggests that Bybit has earned a remarkable reputation for providing top-notch security and market depth. The announcement analyzed that the spot market volume for USDC on Bybit has seen a remarkable growth of 1,437%, and USDC’s contribution to the total spot trading volume has risen from 8% to 40%.
Furthermore, the perpetual market has seen the daily trading volume for the USDC/USDT pair exceed $380 million on Bybit. Hence, the annualized funding rate has also responded with a spike reaching a high of 740%.
Apart from the incredible growth the platform recorded in its trading volume, it is correct to say that the rapid expansion of Bybit’s user base and the trust traders, institutions, and investors, it currently boasts of, are additional evidence of its success.
Ben Zhou, co-founder and CEO of Bybit acknowledged the company’s ability to meet the expectations of its customers saying;
“One thing we do well at Bybit is to Listen, Care and Improve. It is our job to be there for our customers when they need us the most. And we are able to support the surge in volumes in volatile markets because of years of building on platform integrity, fund safety, security, product integrations and risk management. We are determined to empower our customers with next-level products such as AI trading bots, easy fiat conversions, and proof of reserves.”
Bybit Ranks 2nd Among Exchanges in the Middle East and North Africa
Bybit has basically been seeing a trend of growth and reliability since 2022. The exchange has reportedly been able to expand its market share in the year despite the long-persisting market challenges due to its battle-tested trading engine, proof of reserves, and sound risk management. Therefore, it is of great excitement to see the company maintain the growth trend till 2023.
Moreso, while the Middle East’s digital assets hub continues to grow, with over 400 crypto and blockchain businesses currently operating in the region, Bybit has already secured the No.2 spot among exchanges in the area. Since 2022, the exchange has generated up to $33.5 billion in trading volume across the Middle East and North Africa in less than a year. Nonetheless, Bybit is pushing for further growth regardless of its outperforming growth. It revealed that it is on track to double that figure in 2023, driven by its commitment to reliability, transparency, and innovative product offerings. As such, Bybit has disclosed plans to expand its global presence with a new headquarters in Dubai set to open in the spring of 2023.
Bybit Launches Bybit Card to Enable Easy Withdrawals of Crypto Funds
Following Bybit’s efforts to provide users with lots of products and efficient utilities, it has unveiled the launch of the Bybit card. The card is designed as a Mastercard-powered debit card. The Bybit card provides users with the ability to convert their cryptocurrency to fiat, which can be used to make purchases or withdraw cash from ATMs with ease.
Bybit noted that the digital version of the card is already available. Meanwhile, it will commence pre-orders for the physical card on March 17.
Furthermore, Bybit has also announced a new offering to enhance 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 surge in trading volume for USDC and its overall success in the Middle East and North Africa regions can be attributed to its commitment to providing a reliable and secure platform for its customers. The launch of the Bybit Card and zero fees on select pairs further enhances the user experience and flexibility. With its plans for global expansion and innovative product offerings, Bybit is poised for continued growth in 2023 and beyond.
