Bybit integrates decentralized exchange ApeX Pro to restore trust in crypto

Rick Steves

“This is a world first for Bybit and a great moment for the industry. Our mission is to help restore trust in the crypto ecosystem and provide a gateway for everyone to access the full opportunities of Web3. This integration does that, and much more.”

Bybit

Bybit has integrated decentralized exchange ApeX Pro to allow its users to access the ApeX decentralized protocol from their Bybit account.

In addition, ApeX Pro will be added to Bybit’s product portfolio, increasing the opportunity for traders to take full advantage of decentralized exchange (DEX) and centralized exchange (CEX) capabilities from a single platform.

Apex Pro is a permissionless, non-custodial DEX that offers perpetual contracts using StarkWare’s scalability engine, StarkEx. The integration is expected to combine the usability of centralized exchanges with the transparency, self-custody, and privacy of decentralized platforms, allowing users to more comfortably utilize the order book model in their trades.

Apex Pro designed to look and operate like Bybit

Ben Zhou, co-founder and CEO, Bybit, said: “This is a world first for Bybit and a great moment for the industry. Our mission is to help restore trust in the crypto ecosystem and provide a gateway for everyone to access the full opportunities of Web3. This integration does that, and much more.”

To access Apex Pro, Bybit users must transfer their funds from their Bybit account to the integrated DEX. The funds are transferred immediately and at no platform charges, so users are able to begin trading at once.

ApeX Pro boasts several advanced features: it’s been designed to look and operate like Bybit; this combined with the order book model, greatly reduces the learning curve. ApeX Pro uses zero-knowledge proofs where only the balance changes are recorded on the blockchain leaving the identity of a user’s wallet private.

Bybit has recently set up a $100 million fund to help restore confidence in the industry and support institutional investors within its ecosystem. As the collapse of FTX sent shockwaves through the crypto space, market makers and high-frequency trading (HFT) institutions are eligible to access up to $10 million in credit facility.

The offer is available to both existing and new clients on Bybit, as well as dedicated account managers at other exchanges. The usage of money, though, is limited to spot and USDT perpetual trading on Bybit

Bybit serves Russians despite Singapore’s orders to comply with sanctions

Bybit sparked controversy two weeks ago after it said it will continue to serve Russian users, breaking ranks with mainstream finance and global regulators that attempt to isolate Moscow following the invasion of Ukraine.

Despite orders issued this week by Singapore’s central bank that require licensed crypto platforms to comply with sanctions, Bybit said it is headquartered and registered in Dubai. As such, the exchange continues, it doesn’t discriminate against crypto users based on their location and passport.

A Bybit representative was quoted as saying that its staff is working hard to guarantee that all users have access to its platform equally and that “their funds are secure as well as the greatest trading experience.”

Some crypto exchanges argued that cutting off all Russians, including those not targeted by sanctions, would run counter to the cryptocurrency’s ethos of offering access to payments free of government oversight.

  • Read this next

    Retail FX

    Weekly Roundup: FX prop firms switch to cTrader, who moved $1.35B BTC?

    The foreign exchange and cryptocurrency markets are always active, and this past week was no exception. Stay ahead with a selection of essential stories and updates that matter most to market participants.

    Digital Assets

    Bitcoin breaks all records with a massive $1.347 billion transaction

    This transaction has surpassed previous records, setting a new benchmark for Bitcoin trades. Before this event, the largest Bitcoin transactions included a $1.1 billion trade in April 2020 involving 161,500 BTC, and other significant transactions ranging from $491 million to $1.033 billion throughout 2019 and 2020.

    Digital Assets

    Uniswap debuts Ethereum ‘uni.eth’ subdomains

    Decentralized exchange platform Uniswap has integrated Ethereum Name Service (ENS), allowing users to create human-readable domain names and cryptocurrency wallet addresses using .eth endings.

    Web3

    Magic Square Expands with TruePNL Acquisition

    Binance’s web3 app store, Magic Square, acquired token platform TruePNL in a cash deal this week for an undisclosed sum. The deal brings TruePNL’s infrastructure (excluding branding & token) under Magic Square’s wing. Initially seeking a partnership, Magic Square opted for a full acquisition.

    Crypto Insider

    The Future of Prediction Markets? Zeitgeist Launches Decentralized Court System

    Polkadot-powered prediction market protocol Zeitgeist has announced the launch of its latest innovation: a decentralized court system.

    Digital Assets

    Crypto exchange Kraken fires back at SEC lawsuit, claiming overreach

    Crypto exchange Kraken is pushing back against the U.S. Securities and Exchange Commission (SEC), seeking to toss out a lawsuit that accused the platform of operating without proper registration.

    Industry News

    Exness Named a Best Place to Work in 2024

     Global leader Exness, tops in retail trading volume, earns 2024 “Best Place to Work” award, cementing its employee-centric culture after three prior years of winning the Cyprus national title.

    Digital Assets

    Swan Bitcoin taps Bakkt for crypto offering in the US

    “We are thrilled to be taking this exciting step forward in our partnership with Swan. This is just the beginning of our collaboration, as we intend to explore further growth opportunities together in the future, including expansion into international markets.”

    Digital Assets

    Polkadot Awards Bifrost a 500,000 DOT Loan to Enhance Liquid Staking Adoption

    Bifrost, a leader in liquid staking solutions, has secured a 500,000 DOT loan from Polkadot’s treasury to expand the reach and utility of its vDOT product within the ecosystem.

    <