Crypto Exchange Bybit Rises to Second Place Globally, Says Kaiko Report

June 25, 2024 06:42 AM PDT | By Cision

Crypto Exchange Bybit Rises to Second Place Globally, Says Kaiko Report — Image source: Kalkine Media

Low trading fees contribute to Bybit’s competitive edge

Bybit’s competitive edge is attributed to its low trading fees, which are among the most attractive in the industry. The exchange introduced zero fees for USDC trading in February 2023, which has significantly contributed to its competitive positioning. However, low fees alone do not fully explain Bybit’s rise.

An analysis of spot trade volumes reveals that Bybit’s volume increase has been driven by both BTC and ETH, whose market share has risen from 17% to 53% since last year.

Bybit’s rapidly expanding derivatives offering has also supported its growing spot market share.

In 2023, Bybit cemented its place as the second-largest derivative market after Binance.

Continued growth and recognition

“We are thrilled to see Bybit’s continued growth and recognition in the industry,” said Ben Zhou, co-founder and CEO of Bybit.

Ben Zhou also mentioned,

Our commitment to providing competitive fees, a safe and secure platform, and innovative products like Unified Trading Account has resonated with our users.

For more information about how Bybit’s institutional and retail users are positioning their portfolios, see here.

The post Crypto exchange Bybit rises to second place globally, says Kaiko report appeared first on Invezz

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