It’s been five years since Bybit launched and in that time, it has become a leader in crypto and the world’s third-largest cryptocurrency exchange by volume.
Founder Ben Zhou looked back at the journey and discussed the challenges the exchange has overcome and the significant milestones it has achieved, the latest being launching in Dubai.
In December 2018, former XM executive Ben Zhou launched Bybit exchange to offer a professional crypto trading platform that offers ultra-fast trading and settlement similar to traditional financial markets. Five years later, Bybit has become one of the biggest players in the space and looking back at its journey, Zhou says its success was down to its community.
The crypto exchange industry was once the most coveted and every other company was offering a trading platform and making millions of dollars. However, many have folded along the way as the journey got tough, be it from regulatory demands or the crypto bear market. Bybit has stood strong all through and today, it’s the world’s third-largest crypto trading platform, matching millions of orders every day and facilitating billions of dollars in trading volume.
“On behalf of all the Bybit people, I’d like to tell all our clients, ‘Thank you for your support over the years. Your support has made Bybit one of the largest global crypto exchanges,’” Zhou stated in a heartfelt message to all the exchange’s users.
Zhou acknowledged the great comeback of the crypto industry after the great turmoil of 2022 in which some of the industry’s largest companies, from FTX and Celsius Network to LUNA and UST crumbled and with them, billions of dollars vanished. This wouldn’t have been possible without the dedication of the builders who stuck to the mission of making the world better with crypto.
Bybit Celebrates Five Years of Industry Leadership
In his message, Zhou singled out some of the key reasons behind Bybit’s success. They include regulatory compliance, with the exchange securing licenses in Kazakhstan, Dubai and Cyprus this year alone.
“These efforts demonstrate our responsible approach to operating within the ever-changing regulatory landscape and our commitment to providing a safe and secure trading environment for our users,” he commented.
Another tenet of Bybit’s success is innovation. This year, it launched TradeGPT, an AI tool that allows users to access real-time analysis of the crypto market and answers to all their trading questions in several languages. The exchange also launched the Unified Trading Account this year which streamlines users’ trading experience.
These and other innovative efforts enabled the exchange to receive an AA rating on the latest CCData Crypto Exchange Benchmark Report.
On the way forward, Zhou stated that while Web3, the metaverse and decentralization are the buzzwords, the key to success lies in community.
Each day, I remind our dedicated team that our work transcends mere transactions. We’re not just processing trades; we’re enabling dreams, facilitating growth, and fostering stability through every market cycle. We are creating a financial system that works for everyone.
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