Bybit integrates decentralized exchange ApeX Pro to restore trust in crypto
“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 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.
