- USDC spot market volume for Bybit increases by 1,437%.
- Bybit rises to become the No. 2 crypto exchange in MENA.
Bybit announces an increase in volume for USDC pairings as the third most popular cryptocurrency exchange in the world intensifying efforts to satisfy market expectations. Customers are flocking to Bybit for its rock-solid security and market coverage because they are relying on trustworthy platforms to handle the current turbulence in banking and cryptocurrencies.
Bybit’s spot market volume for USDC increased by 1,437%, increasing USDC’s share of overall spot trading volume from 8% to 40%. The USDC/USDT pair witnessed a daily trading volume of over $380 million on Bybit’s perpetual market, with an annualized financing rate as high as 740%.
The success of Bybit is a result of the platform’s fast-growing user base and the confidence that traders, institutions, and investors have in it. Bybit’s tried-and-true trading engine, proof of reserves, and prudent risk management have allowed the cryptocurrency exchange to increase its market share despite obstacles during 2022, a pattern that continues into 2023.
Bybit is now providing zero fees on its options contracts, zero fees on all USDC Spot pairings, and zero fees on significant stablecoin pairs including USDC/USDT, BUSD/USDT, DAI/USDT, and WBTC/BTC. This is done to improve the trading experience and flexibility in portfolio management.
The traditional banking system is experiencing long-term problems, but the crypto exchange has been providing fresh options from the Web3 space, such as Bybit Wallet, which enables users to access decentralized finance applications while maintaining custody of their funds. With the recently released Bybit Card, a debit card supported by the Mastercard network, users can effortlessly convert cryptocurrency into fiat to make purchases or withdraw cash from ATMs. The physical card may be ordered starting on March 17, while the digital version is currently available.
Moreover, Bybit has declared plans to open a new corporate office in Dubai in the spring of 2023. Bybit has claimed the No. 2 rank among exchanges in the Middle East, where there are more than 400 crypto and blockchain enterprises operating. Bybit has produced $33.5b in trade volume throughout the Middle East and North Africa in little under a year, and it expects to double that amount in 2023.
“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,” said Ben Zhou, co-founder and CEO of Bybit. “Bybit is the choice of reliability and transparency in times of high volatility, and these are qualities that will steer Bybit towards its goal of becoming the go-to ‘Crypto Ark’ for investors worldwide,” he said.
