Established in March 2018, Bybit is a global cryptocurrency derivatives exchange designed for retail traders, institutional investors and venture capital firms alike. Since its launch, the platform has committed to cultivating a transparent, fair, and efficient trading ecosystem for its users, helping Bybit race ahead of its competitors.
Although Bybit has expanded its footprint in recent years, 2021 has been a dream run for the world’s fastest-growing crypto derivatives exchange. In the first quarter of 2021, Bybit’s active user base rose to almost 2.5 million, spanning more than 200 territories, resulting in overall trading volume crossing the $1 trillion mark. In conjunction, Bybit set a new record for crypto history after reaching a 24-hour trading volume of $76 billion, exceeding global ETH volume by more than $20 billion and international BTC open interest by more than $4.9 million.
Overall, Bybit has checked off many new achievements on its list this year. Earlier in 2021, Bybit made significant changes across its products and services, logo, homepage design and user interface and launched a brand-new mobile interface to cater to its growing user base. Moreover, the platform shattered several existing records as it raced ahead of prominent exchanges, securing its position among a handful of exchanges that shined in 2021. That said, let’s take a look at some of the notable milestones of Bybit in 2021.
A Year Full of Epic Milestones and Achievements
To further the platform’s range of products, the Bybit team rolled out its "Balance Booster" yield offering in April this year, allowing users to earn up to 6% APY for BTC yield vouchers and 15% for USDT vouchers.
Then, in May 2021, Bybit also launched its ByFi Center to bring the best of decentralized Finance (DeFi) to its users. As part of its ByFi product suite, Bybit launched its newest service, the Bybit Cloud Mining program, a mining-as-a-service (MaaS) initiative granting its users immediate access to ETH mining, starting as low as $100. The Bybit Cloud Mining offers flexible plans, ranging from 7-day, 21-day and 42-day plans, serving as an ideal solution for users who want to start crypto mining without investing in expensive mining hardware.
Bybit also made headlines in June after the Singapore-based company invested a significant amount in BitDAO, a new decentralized autonomous organization. BitDAO launched after completing a $230 million funding round led by billionaire venture capitalist Peter Thiel and investor Alan Howard. For this initiative, Bybit committed recurring contributions based on its futures trading volume estimated to reach over a billion dollars based on previous performances.
Bybit also expanded its offering during the same period by launching a new spot trading platform to complement its derivatives trading service. As part of the new platform, Bybit rolled out four trading pairs: BTC/USDT, XRP/USDT, ETH/USDT and EOS/USDT, with many more to follow.
Foraying into the eSports and Professional Soccer Arenas
Besides its expanded product lineup, Bybit dipped its toes into the eSports industry. In August, Bybit inked a three-year partnership with Virtus.Pro (VP), Russia’s most prestigious eSports club. Through this partnership, Bybit establishes itself as Virtus.Pro’s official NFT and cryptocurrency platform partner, backing the eSports team’s CS:GO and DOTA teams.
This move was followed by a strategic partnership forged with the Ukrainian esports organization Natus Vincere (NAVI) for three years. As NAVI’s official cryptocurrency partner platform, Bybit’s logo is featured prominently on all team jerseys. This partnership extends to both organizations collaborating on several programs covering anti-bullying campaigns and Bybit’s annual flagship trading competition, the WSOT (World Series of Trading).
As part of its initiative to expand into the eSports gaming scene, Bybit also announced two more 3-year sponsorships with Swedish eSports organization Alliance and Danish eSports team Astralis. Both of these organizations are known for their formidable performances in CS:GO and DOTA games. This partnership is similar to Bybit’s collaboration with NAVI, with Bybit’s logo highlighted across Astralis’ and Alliance’s jerseys, social media platforms and streaming channels.
In addition, Bybit has become the main global sponsor of the Argentina national football teams, including the men's international football team led by Lionel Messi. Under the two-year agreement, Bybit's brand will display on all Argentine Football Association (AFA) assets, and its logo will appear on training gear for all national teams.
Strategically, Bybit plans to use these sponsorships to promote its annual WSOT competition and gain more mainstream recognition while bringing crypto to the masses.
A New Launchpad for the Crypto Community
In September 2021, Bybit launched its token launch site Bybit Launchpad, with $BIT as the first token to officially launch on the platform. Bybit Launchpad connects innovative crypto projects with users interested in gaining exposure to promising projects and ensures their safety at the same time. Only Bybit users who have completed KYC L1 are eligible for the program, ensuring compliance with local regulations.
$BIT, the native token of BitDAO, is the same platform where Bybit has committed recurring contributions. BitDAO aims to allocate financial and talent resources to support DeFi growth and is backed by leading investors and projects like Polygon, Sushiswap, Kain Warwick, Dragonfly Capital, Pantera Capital and many more.
A Well-Deserved Award
Bybit’s commitment to transparency hasn’t gone unnoticed. The platform recently bagged the "Most Transparent Exchange award in the Crypto Expo Dubai (CED) Awards 2021. The event, organized between October 14 and 15 at the Dubai Festival Arena, saw over 8,000 crypto professionals, influencers, and experts participate.
As one of the fastest-growing derivatives exchanges, Bybit has invested about 25% of its budget in security to strengthen its infrastructure, amounting to nearly double the average market standard. The platform continuously rolls out new updates and features to uphold its pledge of transparency and reliability.
Essentially, 2021 has been a fruitful year for Bybit, as the platform tapped into new markets and expanded its product suite. The platform offers an intuitive and innovative trading experience, making it an excellent choice for retail and institutional investors. Furthermore, it is the only platform to offer as much as 100x leverage on its derivatives products.
Owing to its wide range of products and customer-centric values, Bybit has edged past several prominent exchanges this year, including the likes of FTX US, OKEx, eToro, AAX and many more.