Bybit bags ‘Best Crypto Exchange Award’ at Crypto Expo Dubai (CED) 2022

abdelaziz Fathi

Bybit won the Best Crypto Exchange Award at Crypto Expo Dubai (CED) 2022, a two-day event that gathered industry giants and budding companies in blockchain and cryptocurrency.

Bybit

The award is said to recognize the efforts made by Bybit in establishing competitive fees, maintaining robust security and transparency, and understanding its customer rules. It also reflects the platform’s significant growth volume and user base in recent years.

Organized by HQMENA, Crypto Expo Dubai 2022 is a premier crypto exhibition and conference featuring more than 100 crypto companies. The second edition of the MENA’s largest crypto gathering had reportedly drawn over 10,000 visitors.

Bybit said the award was a new milestone in its growth story from an emerging platform in 2018 to a fully-fledged exchange that counts more than 6 million traders of varying risk appetites and skill levels.

“The original promise of the internet was to create a level playing field for all,” and somehow web 2.0 was led astray from that vision, said Igneus Terrenus, head of communications at Bybit. “What web3 and the metaverse could do is to give power back to the individual,” he shared at a panel on what the future holds for crypto after the metaverse.

“This is where blockchain can come in to monitor and assess real progress in carbon reduction and carbon capture. And NFTs are about ownership and bragging rights as much as they are tradable assets and financial instruments. These technologies can play a role in addressing the biggest problems of our generation. And if we don’t, we are kicking the can down the road at our own peril,” he added.

Bybit has a long-standing reputation in cryptocurrency derivatives trading. At press time, the Singapore-based exchange accounts for $6 billion in 24-hour volumes. That share of the market puts Bybit just behind four global derivatives exchanges.

In just four years, Bybit managed to become a major versatile hub in the space, boasting a spot and derivatives trading offering in addition to passive-income generating services as a part of its Earn product.

As part of the expansion of its retail-focused services suite, Bybit has also announced the grand opening of their cloud mining solutions. As the first entry to Bybit’s ByFi product portfolio, the cloud mining offers a chance for crypto enthusiasts to mine ether without having to pay hefty upfront costs or purchase expensive mining hardware.

 

Read this next

Retail FX

Investors from Cyprus and Dubai acquire ‘significant stake’ in M4Markets

Seychelles-regulated brokerage firm M4Markets firm has picked up some investment from Cyprus and Dubai based investors in a new funding round that it will be using to grow its business.

Executive Moves

UAE broker Amana elevates Amr Masry to sales director

Amr Masry has been promoted to a new senior role at Amana Capital, becoming the group’s newest Sales Director, following a successful tenure with the UAE-based FX and CFDs broker.

Executive Moves

TopFX promotes Omar Al-Janabi to head of sales and business development

Prime brokerage firm TopFX has strengthened its Middle East operations with the promotion of Omar Al-Janabi, who is taking on an expanded role as global head of sales and business development.

Retail FX

Plus500 says 2022 revenue to be ‘significantly’ ahead of analysts’ estimates

Israeli-based, but London-stock market listed Plus500 said it expects annual revenue and earnings to be ahead of analysts’ estimates even as trading levels normalised from record volumes in the first quarter.

Digital Assets

Crypto derivatives giant BitMEX launches spot market

Crypto exchange BitMEX is looking to branch out of its singular focus on crypto derivatives with a suite of new product offerings. Although derivatives are to remain at the heart of BitMEX’s business, the popular platform will add spot crypto trading as it aims to aggressively grow their user base.

Uncategorized

PrimeXM reports mixed trading volumes for April

PrimeXM has reported weaker trading volumes for April 2022, in line with other institutional and retail platforms that saw the activity of their clients dropped compared to a month earlier.

Digital Assets

DLT Finance approved by BaFin to support brokerage and custody of digital assets

DLT Finance is already partnered with big names within the digital asset space, including Kraken, Bitstamp, B2C2, and Bittrex.

Institutional FX

LUKB taps vestr to launch actively managed products, AMCs

The partnership with vestr goes to show the growing importance of digitising the active investment management space.

Digital Assets

Jewel taps Tokeny to launch stablecoin-as-a-service solution on Polygon

Jewel aims to offer a stablecoin-as-a-service solution to other digital asset and financial institutions B2B, allowing those businesses to provide cheaper, easier and near real time payments with stablecoins issued and redeemable directly at the bank level at Jewel.

<