Bybit, one of the world’s most influential crypto derivatives exchanges, is launching the second edition of its World Series of Trading (WSOT) contest to find the ultimate masters in cryptocurrency markets.
Bybit, which is based in Singapore, says a maximum prize pool of up to 7.5 million USDT is up for grabs — a manyfold increase from $1.27 million in prizes in the inaugural 2020 edition.
All contestants will have the chance to band together in teams of at least 10 members as they put strategies through their paces in the cryptocurrency markets. The troops will compete in the so-called "BTC & ETH Troop Throwdown" and winners will take home their share of a massive prize pool of 6 million USDT.
A second contest, called ‘Solo Showdown,’ is dedicated to individual traders who will battle it out for 1.5 million USDT in rewards, up from 90,000 USDT in the previous year’s event.
Additionally, eligible participants will stand to win a limited edition of +1,000 WSOT NFTs. What's more, the top 10 collectors will get to win a slice of a 40,000 USDT prize pool, which will be distributed in daily draws.
Bybit Traders Will Enjoy Many Perks Throughout the Tournament
Prizes in the three contests will be awarded based on the percentage of profits on each trader/troop’s account, creating a fair opportunity for anyone to win, regardless of the value of their trades.
On top of that, Bybit is even providing incentives for its users to participate in the WSOT 2021 event. Registered participants will be eligible for trading fee discounts with the opportunity to earn additional bonuses.
Anyone wanting to join in the WSOT 2021 can register on the Bybit website from August 18 until August 28. The World Series of Trading event itself will run from August 28 to September 17.
Speaking of the event, Bybit CEO and co-founder Ben Zhou said:
"WSOT is returning bigger and better as promised. We want to celebrate excellence and the spirit of competition, as well as shine a light on the positive influences of crypto on our daily lives — improving financial literacy, getting people interested in tech, and putting on top of mind ways we can be a force for change and give back to the wider society."
"Bybit remains in awe by the overwhelming support from the global crypto community. In response, we worked hard in the past 12 months to take the competition experience to the next level with the largest prize pool to date."
The competition is the latest in Bybit’s catalog of competitions targeted at getting cryptocurrency investors to hone their trading strategies while standing the chance to win big prizes.
Back in August 2020, Bybit debuted its WSOT flagship trading event which saw over 12,000 traders - 135 troops and 2,128 solo contestants - competing for the 200 BTC prize pool.
Bybit’s Relentless Growth
While boasting a prize pool that puts other trading competitions in the shade, this summer’s edition of WSOT also involves a renewed partnership with UNICEF. A BTC donation equivalent of more than $400,000 will be made to assist in UNICEF’s efforts in helping vulnerable children access to education.
The donation aims to support UNICEF in their initiatives to provide STEM education for vulnerable children in Vietnam, as well as quality education in East Asia and the Pacific region.
Bybit CEO concluded:
"We are grateful for the opportunity to provide a platform for the world’s best traders to live up to their ambition. Their achievements were something to behold. And their craft and passion epitomizes everything crypto is about: creating a fair, transparent and open environment for individuals to be the best they can be."
The WSOT’s second edition is just the latest in a series of initiatives from Bybit, which has been pursuing aggressive growth in 2021. Recently, the Asia-focused exchange has released a slew of new services and products in a bid to increase its appeal to traders. Although derivatives business is to remain at the heart of Bybit’s offering, the platform has added spot crypto trading as it aims to grow their user base.
As part of the expansion of its retail-focused services suite, the exchange has also launched their suite of cloud mining solutions.