Crypto Derivatives Giant Bybit Enters Spot Trading With More Products In Pipeline

Major crypto derivatives exchange ByBit launched a spot trading pilot today and they have more products in the pipeline amid growing competition in the sector, Ben Zhou, the CEO of the company, told Cryptonews.com.

According to him, the platform saw more than USD 1trn worth of cryptoassets change hands in 2020. ByBit says it serves more than 2.5m customers in over 200 markets and supports more than a dozen languages.

“We expect the trend to continue to grow this year as we expand beyond perpetual contracts to quarterly futures, cloud mining, spot trading and options,” he said.

In the pilot version of spot trading, the exchange now supports BTC/USDTETH/USDT, XRP/USDT and EOS/USDT trading pairs while more to “follow shortly.”

The full version of spot trading will arrive before September, Zhou told Cryptonews.com.

Also, along with this, ByBit plans to introduce Wallet 2.0 for instant withdrawals, aiming to remove limits commonly associated with cold wallets, per the CEO.

Additionally, the company aims to launch options trading in the last quarter of 2021.

Other upcoming changes to the platform include upgrading the mobile app and desktop versions, supporting more local languages and fiat currencies.

They’ve also opened their ByFi Center for users to explore different mining contracts, noting that “cloud mining is no longer exclusive to the big leagues.”



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