Bybit hits 20 million users ahead of 5th anniversary

November 28, 2023 09:16 AM PST | By Invezz
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Bybit, a cryptocurrency exchange headquartered in Dubai, recently hit a significant milestone ahead of its fifth anniversary: surpassing 20 million registered users. This achievement, highlighted by the platform, underscores the growing trust and confidence of the global community in cryptocurrency.

The exchange’s CEO, Ben Zhou, said

Reaching 20 million registered users is not just a number for us; it represents the faith and enthusiasm of a community that believes in the potential of crypto and trusts Bybit as their preferred platform.

The crypto industry sees a sharp rise in registered users

Bybit’s milestone reflects a broader trend in the cryptocurrency realm. Over the past decade, the industry has seen explosive growth. In 2013, only seven cryptocurrencies were in existence; today, the market boasts over 20,000 active coins and tokens.

The number of verified crypto asset users has surged, too. In 2016, there were a mere 5 million identity-verified users. Fast forward to December 2022, and that figure soared to 424 million. This upward trajectory likely continued through 2023, indicating a burgeoning interest in and adoption of crypto assets worldwide.

Despite market fluctuations, the cryptocurrency market cap has surpassed $1.41 trillion, underlining the enduring global interest in crypto assets. Bybit’s achievement echoes this growing confidence and interest in cryptocurrencies, demonstrated by the increasing number of users engaging with various exchanges.

Bitcoin remains the market leader, commanding over half ($731 billion) of the total market cap ($1.41 trillion). Ethereum, the second-largest cryptocurrency, follows with a market cap of $244.4 billion.

The importance of technological innovations

The future of money, as envisioned by Navin Gupta of XRP, a prominent cryptocurrency, is expected to witness a substantial 100x increase in the years ahead. This optimistic outlook aligns with the ongoing technological integration of crypto and blockchain across diverse sectors like AI, fintech, gaming, traditional banking, and more.

In response to evolving user needs, exchanges like Bybit have embraced technological innovations. By offering AI-powered solutions like trading bots, an in-house options market, and a collaborative copy-trading community, Bybit has amplified its offerings. Additionally, robust risk management and compliance measures enabled the platform to secure licenses in UAE, Cyprus, and Kazakhstan, paving the way for its remarkable user growth.

Looking ahead, Ben Zhou affirmed Bybit’s commitment to users, promising continued enhancements and new services in the pipeline.

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