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Crypto Sets Higher Standards for Proof of Reserves for Traditional Finance Says Bybit

March 1, 2023

The future of the crypto industry is one step closer to its full potential, now trust and transparency is at the forefront, said Bybit CEO Ben Zhou. According to Zhou, technology will lead the way in restoring trust in crypto, and legitimate exchanges have what it takes to outperform traditional financial institutions in terms of transparency.

Speaking as part of a panel discussion at Blockchain Life 2023 in Dubai on Monday, Zhou proposed leveraging the open nature and real-time verification that decentralized technology offers. Blockchain is part of the solution, and crypto-native solutions can help armor the financial industry against traditional and new forms of fraud risk. He noted that crypto exchanges are able to offer real-time, verifiable proof of reserves, which is far and above the transparency traditionally offered by financial institutions.

Bybit is committed to managing user funds with the utmost transparency and integrity, which is why it has real-time proof of reserves with a purpose-built Merkle Tree. Users can use their Merkle Leaf code to check that their assets are recorded as liabilities in Bybit’s on-chain wallets down to the granular details.

For Zhou, this kind of technology — powered by blockchain — is the real solution to the constant news of malfeasance in the crypto and wider financial sector. The new industry norm of proof of reserves can offer users more peace of mind and visibility into exchanges’ assets, and this has tilted the conventional power dynamics between the customers and financial service providers, he said.

Zhou went on to talk about the role of crypto exchanges as the industry moves forward from a challenging 2022. While security considerations are a given, Zhou revealed why CEXs are still preferred by serious traders: deep liquidity and powerful infrastructure with millisecond precision.

Referring to institutional clients and professional traders, Zhou said that “centralized exchanges are pretty much their only choice simply because of the liquidity. And you simply can’t do high frequency trading on a decentralized exchange (DEX) due to infrastructure limitations.” However, Zhou suggested that those interested in medium-to-long term trades could consider DEXs as an option.

“Our role — and that of any centralized exchange — is to be ready for mass adoption and be the gateway to Web3 when it happens. So, I still believe in the industry,” Zhou added. “In two years, you will see signs of mass adoption. Your uncles, your aunties, your cousins will all start to use crypto,” he said.

Kelechi Deca

Kelechi Deca has over two decades of media experience, he has traveled to over 77 countries reporting on multilateral development institutions, international business, trade, travels, culture, and diplomacy. He is also a petrol head with in-depth knowledge of automobiles and the auto industry

Bybit Kicks Off World Cup Fever with Crypto Fan Token Competition

November 19, 2022

Bybit, one of the world’s fastest growing crypto exchanges, is giving away 300,000 in USDT to celebrate this year’s World Cup. Soccer fans around the world can now celebrate the fiesta by supporting their favorite clubs in Bybit’s Fan Token Trophy competition on Nov. 18, 2022.

Bybit boasts one of the most extensive fan token selections in the market including tokens issued by legendary soccer teams such as Paris St. Germain, Barcelona, Juventus, AC Milan, Inter Milan, Arsenal, and Manchester City.

Bybit’s commitment to fan tokens is part of the crypto exchange’s overarching support of the sporting space, which includes being the Principle Team Partner of Oracle Red Bull Racing and listing exclusive Oracle Red Bull Racing NFTs. The exchange provides an intuitive platform for sport teams, clubs and esport organizations to take fan engagements to the next level.

To celebrate World Cup 2022, all Bybit users who accumulate a trading volume of $100 or over trading any of the fan tokens stand to win a share of the massive prize pool. The exchange has recently extended its Zero Fees campaign to the full advantage of Bybit traders who want to support their favorite teams.

For crypto fans, they can trade the tokens using any one of Bybit’s free trading bots — that trade on your behalf 24/7 within set boundaries — will also be eligible to enter the Fan Token Trophy competition.

“Bybit shares many core values with professional sports: resilience, perseverance, passion, and performance. We constantly strive for excellence and deliver the best and widest range of products in the market” said Gary Hamilton-Walter, head of corporate affairs at Bybit. “We are fully focused on the future of crypto integration with sporting brands and communities worldwide and we’re ready to take things to the next level, just like those teams assembled for the World Cup. We invite crypto traders and enthusiasts to join us on our journey.”

Kelechi Deca

Kelechi Deca has over two decades of media experience, he has traveled to over 77 countries reporting on multilateral development institutions, international business, trade, travels, culture, and diplomacy. He is also a petrol head with in-depth knowledge of automobiles and the auto industry

Bybit Launches New Grid Trading Bot to Expand Growing Range of Trading Products

September 18, 2022

One of the world’s fastest growing cryptocurrency exchanges, Bybit, has announced the launch of two new grid trading bots. Building on the success of the original trading bot, which has seen a total trading volume of over $120,000,000 and counting.

After this milestone, Bybit’s new bots will allow users to take their trading to the next level with an updated spot trading bot, and an advanced dollar-cost average (DCA) bot. The new functionalities will be available to all users on Sept. 16.

Bybit’s new Spot Grid Bot executes low purchase orders and high sell orders during lateral price movement. The system ensures profitability each time the sale price exceeds the purchase price, thus eliminating the need for market forecasting.

The upgraded Spot Grid Bot features artificial intelligence (AI) that sets parameters in order to maximize capital efficiency. The bot also has free-to-follow strategies with high APY and arbitrage performance, and responsive customizable strategies that allow users to design tactics and take advantage of market trends.

Furthermore, Bybit has added “Arbitrage Ranking” to the Trading Bot Leaderboard so users can easily identify and learn from the most effective trading strategies.

The state-of-the-art DCA Bot offers users the option to automate their purchases of crypto assets by selecting the amount and interval of their investments. This strategy, known as DCA-ing, is a well-known and time-tested way to effectively balance risk and return in a volatile market. The minimum trading amount is $1 for DCA bot, and $3 for the grid bot.

For both bots, once a user has set up their trading parameters and are earning a good return, they can share their strategy with fellow traders with the click of a button. And users who engage either one of the new bots will enjoy zero trading fees for a limited period as Bybit celebrates the 10 million users milestone with the “Perfect 10 Party” campaign.

Building on Bybit’s VIP program, which provides regular users reduced trading fees as well as discounts, VIP users can enjoy the same trading discounts using the new bots. Those on track to becoming VIPs can more quickly advance their level thanks to the bot’s higher trading frequency.

Bybit is the most reliable, stable, and usable cryptocurrency exchange in recent years, offering the best liquidity and smallest spread. Unique among major exchanges, Bybit has maintained a track record of 99.99% up rate, with no overload nor downtime with its robust 100K TPS matching engine.

“Our original trading bot has only been live for a few months and is already incredibly popular,” said Ben Zhou, co-founder and CEO of Bybit. “Our clients especially loved the bot’s copy trading function, which allows them to copy successful bots created by other users. Grid trading bots have proven themselves as a profitable trading methodology for their users, especially in a market as fluid as crypto that trades 24/7. At Bybit, we are always on the lookout for products and services that can help our users achieve their financial goals, whatever the overall market conditions.”

Finally, those who are new to Crypto Trading Bots or keen to learn about all things crypto can discover a new world of finance via Bybit Learn and join our dedicated trading bot group via Discord.

Kelechi Deca

Kelechi Deca has over two decades of media experience, he has traveled to over 77 countries reporting on multilateral development institutions, international business, trade, travels, culture, and diplomacy. He is also a petrol head with in-depth knowledge of automobiles and the auto industry

Crypto Derivatives Leader Bybit Tackles Bear Market by Settling Options in USDC

June 30, 2022

Bybit, a cryptocurrency exchange with one of the largest BTC futures open interest, is settling its options trading market in one of the world’s most trusted stablecoins: USDC. Unlike Bitcoin-settled contracts, Bybit’s use of USDC allows for stable prices for the duration of each contract.

Users of Bybit’s European-style, USDC-settled options will also benefit from the newly-launched unified margin account, which offers a completely new derivatives trading structure. Users can use all assets under their account as collateral to trade USDC options contracts as well as perpetuals.

Bybit’s portfolio margin account supports USDT, USDC, BTC and ETH as collateral, with more assets to be added soon. These functions cement Bybit’s reputation as a fully integrated trading powerhouse, with a dedicated dual server system that ensures 99.9% uptime.

Indeed, Bybit experienced a 99.99% up rate throughout the year, with 100k rps trading engine throughput and the track record of processing 30,000 transactions at its peak. Furthermore, Bybit is offering users one month’s trading at their lowest fee tier, usually reserved for VIPs. This equates to a 60% discount compared to industry standard.

As well as having the best on-screen liquidity in the market, Bybit prides itself on open, transparent communication. Its tier-based fee rate has a transparent structure with no hidden fee levels, nor hidden non-liquidation clauses either.

Options Trading in Crypto

Currently, the total crypto options volume is only a small fraction of crypto’s total derivative volume traded, contrary to traditional markets, most crypto options is margined and settled by the same currency — i.e. BTC is used both as collateral and settlement currency for BTC options. For the first time ever in crypto, Bybit offers options that are settled in USDC, which is pegged to the dollar. Bybit options also offer a portfolio margin system similar to that of SPAN.

“We have been very pleased by the roll-out of our options trading product,” said Ben Zhou, co-founder and CEO of Bybit. “We have received excellent feedback from our users too — they love our user-friendly products. Coupled with our 24/7 multilingual customer support, we have been able to help all traders take trading to the next level with a wide range of financial products. Our derivatives platform has the world’s best liquidity and tightest spread, so traders are ensured the best quote and best execution in the market even during extreme volatility.”

Kelechi Deca

Kelechi Deca has over two decades of media experience, he has traveled to over 77 countries reporting on multilateral development institutions, international business, trade, travels, culture, and diplomacy. He is also a petrol head with in-depth knowledge of automobiles and the auto industry

Crypto Exchange Bybit Reduces Margin Requirements With Portfolio Margin Mode

June 15, 2022

Bybit, a cryptocurrency exchange with one of the largest BTC futures open interest, has enabled portfolio margin mode for eligible users on June 15, 2022. Bybit users will now be able to fully leverage their portfolio with greater capital efficiency thanks to the new portfolio margin feature. The portfolio margin mode evaluates positions across Bybit’s extensive trading products, and calculates the margin accordingly.

Portfolio margin increases users’ capital efficiency by calculating the overall risk across a user’s hedged portfolio. Doing this reduces margin requirements, and potentially amplifies return on capital.

For example, under the bull market call spread strategy in regular margin mode based on individual positions, the trader needs to pay the premium required for the option bought. At the same time, the trader will also need to pay the margin required for the option sold, while the combination target return is limited. Under this strategy, users may not achieve the optimal return on capital.

With the portfolio margin mode activated, Bybit calculates the combined risk of options bought and sold. Since most of the risk has been hedged, the margin will be significantly reduced. The more comprehensive approach to risk assessment yields safer and more stable trading strategies and, in turn, higher returns in profit scenarios.

“We are excited about the opportunities Bybit’s portfolio margin will open up for Bybit users. As traders ourselves, we understand the importance of having access to the most powerful trading tools and features. To that end, portfolio margin offers one of the best capital efficiency options in the market on one of the most reliable trading platforms out there. This product is another step forward in our growth as a digital asset service provider in our continued effort to meet the needs of the community of 6 million registered users on the Bybit platform,” said Ben Zhou, co-founder and CEO of Bybit.

Portfolio margin takes derivatives trading on Bybit to the next level. Users can start with newly launched USDC perpetual contracts plus USDC options with greater capital efficiency. Portfolio margin will be expanded into USDT products in later stages.

Furthermore, traders can be confident that Bybit’s tested and trusted TP/SL (Take Profit/Stop Loss) feature will help them to trade derivatives easily with advanced exit position methods. As with all our leveraged products, users can manage risks and safeguard themselves against excessive losses with multi-layered liquidation protocols to ensure safety and fairness across all Bybit trades, every step of the way.

Kelechi Deca

Kelechi Deca has over two decades of media experience, he has traveled to over 77 countries reporting on multilateral development institutions, international business, trade, travels, culture, and diplomacy. He is also a petrol head with in-depth knowledge of automobiles and the auto industry

Bybit’s World Series of Trading 2022 Entices Top Traders With a Record-Breaking $8M Prize Pool

May 27, 2022

Bybit’s World Series of Trading (WSOT) has been blazing a trail in competitive digital assets trading, and this year is no exception with registrations set to open on May 26, 2022. Players will compete in the world’s largest crypto trading tournament for a share of the record-breaking prize pool consisting of up to 8 million USDT, non-fungible tokens (NFTs) and other perks and giveaways. To champion crypto as a force for empowerment for girls’ education, through the flagship event, Bybit will be donating $400,000 in Bitcoin to UNICEF.

Breaking down the barrier between virtual and physical sports this year, WSOT returns with an exciting arena to pitch participants in an adrenaline-filled race against gaming athletes from some of the world’s most formidable esports organizations. Competing on skills, speed and split-second judgment, the star guests will navigate the crypto sphere with traders from around the world, making WSOT 2022 the platform for crypto lovers to challenge world champions in esports.

“WSOT this year is all about racing to the next level,” said Ben Zhou, co-founder and CEO of Bybit. “We want to encourage gamers, traders, and teams to join us in a spirit of competition and distinguish themselves at the world’s greatest crypto trading tournament. We also want to use this opportunity to amplify the positive impact of crypto: improving financial literacy and financial inclusion, and putting wealth back in the hands of the common people.”

Bybit’s WSOT was pioneered by the cryptocurrency exchange to recognize traders who could achieve the best profit/loss ratio regardless of the investment amount. Last year, WSOT 2021 saw 35,000 participants who unlocked a record $4.09 million of the prize pool and 1,339 NFT awards. Team players from 136 eligible regions formed or joined 196 troops in the main event, with the top team making 20x in earnings. Nearly 20,000 solo players took part in the individual competition, where the winner delivered a profit and loss ratio of 7,265.94%.

Doubling the prize pool to up to 8 million USDT for three tracks — Solo Race, Squad Race and Speed Zone Loot, WSOT 2022 is set to captivate crypto lovers worldwide.

“The global WSOT community has unlocked a total of over $5 million in prizes in the past two years. And we are presenting an $8-million prize pool this year to share our passion for crypto with as many people as possible,” Zhou said. “WSOT embodies what Bybit is all about: providing an honest, fair, level playing field for traders to capitalize on their talent. We built this ultra-fast platform trusted by the world’s most competitive traders and loved by crypto beginners, because we believe that in the new world of the digital economy everyone should have equal opportunities and the ability to capture wealth with the power of technology.”

Public registration for WSOT 2022 is open globally where Bybit services are available on June 10. While the trading contest period is from June 27 to July 17, 2022, participants can expect a series of perks, task-based and bonus rewards, fee waivers and lucky draws throughout the summer.

With Bybit’s significant market depth and best-in-class liquidity, participants can look forward to going further in trades and enjoy maximum profitability to rank higher on the leaderboards. Additionally, Bybit’s 24/7 multilingual customer support is available to ensure participants get the support they need and have a timely solution to their trading challenges along the way.

Through participating in WSOT, participants will be supporting UNICEF’s work to ensure all children have access to quality digital education. Bybit is committed to furthering its partnership with UNICEF Aotearoa New Zealand to empower girls’ education in East Asia and the Pacific with another BTC donation equivalent to $400,000 at WSOT 2022, or 5% of the prize pool plus contributions from Bybit.

The donation is dedicated to the UN’s Sustainable Development Goal No. 4 towards “inclusive and equitable quality education” via UNICEF efforts. It helps fund, among other initiatives, digital education for girls in the region by making science and technology education within reach for marginalized groups with innovative education solutions.

“In order to overcome global challenges and ensure a level playing field for future generations, we must bridge the gender digital divide and support the further education of girls,” Zhou said. “We are grateful for the opportunity to use our platform and resources to support UNICEF’s efforts to ensure all children have access to quality education, especially the most vulnerable groups.”

Kelechi Deca

Kelechi Deca has over two decades of media experience, he has traveled to over 77 countries reporting on multilateral development institutions, international business, trade, travels, culture, and diplomacy. He is also a petrol head with in-depth knowledge of automobiles and the auto industry

Bybit Aims to be an Infrastructure Provider for Decentralization

March 25, 2022

Igneus Terrenus, Head of Communications at Bybit

Bybit, the world’s third most visited cryptocurrency exchange, said it is investing in technology that will drive revolutionary changes and prepare the world for decentralization.At a fireside chat and at a panel discussion at the World Blockchain Summit Dubai 2022, Igneus Terrenus, Head of Communications at Bybit, said the centralized exchange was all about getting people behind a decentralized future.

“We run a very successful exchange business, and we are able to invest in projects that will prove to be fundamentally revolutionary. Bybit is the instigator and a major contributor of BitDAO — one of the world’s largest DAO in terms of treasury size. BitDAO has allocated hundreds of million dollars into blockchain gaming with Game7, Layer 2 scaling solutions with zkDAO and blockchain research with EduDAO and eight of the world’s most prestigious universities,” said Igneus Terrenus, Head of Communications at Bybit.

Web3 technologies need to mature before mass adoption could happen. But onboarding more people into the new space will contribute to a better technology stack and more opportunities. Bybit wants to be the provider of the infrastructure for the transition into a blockchain-powered decentralized future. “We see ourselves as a bridging agent to help people of all skill and knowledge levels to access web3 technologies and innovations they could use. We want to bring more people into the space because we truly see the value in that,” said Terrenus.

The World Blockchain Summit global series is organized by Trescon to connect global leaders, thinkers and investors in blockchain and crypto innovations. The 22nd global edition of the Summit was powered by Bybit and took place at Atlantis, The Palm in Dubai on March 23 and 24, 2022.

“Bybit’s core ethos is to support the next level of innovation, talent, and technology development. This is perfectly aligned with our vision to exist at the forefront of technological innovation,” Mithun Shetty, CEO of Trescon said. “We appreciate the support of Bybit, and all the great work we will be able to do because of this partnership,” he added.

Kelechi Deca

Kelechi Deca has over two decades of media experience, he has traveled to over 77 countries reporting on multilateral development institutions, international business, trade, travels, culture, and diplomacy. He is also a petrol head with in-depth knowledge of automobiles and the auto industry

Bybit Announces Completion of Integration of Arbitrum

January 30, 2022

One of the world’s fastest growing cryptocurrency exchanges, Bybit, has completed the integration of the Arbitrum mainnet. With this integration, Bybit users can now deposit and withdraw Ether (ETH), Tether (USDT) and USD Coin (USDC) on the Arbitrum network from Jan. 27 onwards.

Arbitrum is an Ethereum Layer 2 (L2) scaling solution and one of the first optimistic rollups that seek to relieve congestion on the Ethereum mainnet. Arbitrum makes transactions on Ethereum cheaper by performing operations off-chain and posting the results to the mainnet to secure proof.

Bybit users will enjoy trustless security rooted on the Ethereum blockchain where anyone can ensure the correct results of a L2 like Arbitrum. They will also benefit from Arbitrum’s speed, low gas fees and rapid throughput.

Bybit has proven itself to be the most reliable, stable and usable cryptocurrency exchange of the bull run, offering the best liquidity. Unique among major exchanges, Bybit experienced a 99.99% up rate throughout the year with no overload nor downtime throughout.

Kelechi Deca

Kelechi Deca has over two decades of media experience, he has traveled to over 77 countries reporting on multilateral development institutions, international business, trade, travels, culture, and diplomacy. He is also a petrol head with in-depth knowledge of automobiles and the auto industry