As a seasoned researcher with a keen interest in the dynamic world of cryptocurrency, I find Bybit’s strategic move into Dubai to be an intriguing development. Having spent years delving into blockchain technology and its applications, I can appreciate the potential that Dubai’s progressive policies, strategic location, and commitment to becoming a blockchain hub offer for businesses in this sector.
Bybit, a prominent cryptocurrency trading platform, has been granted preliminary authorization for a Virtual Asset Service Provider (VASP) license in Dubai. This approval from the Virtual Assets Regulatory Authority (VARA) marks another significant step in Bybit’s pathway towards complete certification.
As per the Chief Operating Officer, Helen Liu, the choice to conduct business in Dubai and provide their services there is crucial, she stated.
“Dubai’s advantageous position, forward-thinking regulations, and focus on innovation make it an exceptional destination for businesses and investors involved in cryptocurrency. With its strong regulatory structure and ambition to be a hub for blockchain technology, Dubai is the perfect spot for nurturing digital currencies and encouraging growth within this dynamic field.
Bybit in Dubai
Despite not explicitly stating so, Bybit appears confident that there will be no obstacles preventing its complete operational approval. The location of the company is advantageous due to their decision to establish their international headquarters in Dubai back in 2022. Prior to this move, Bybit spent approximately a year preparing by hiring top professionals and meeting with Dubai’s VARA on various occasions. As of April 2023, CEO Ben Zhou announced that the company had facilitated over $33.5 billion in trading volume, making Bybit the second-largest exchange by transaction volume within the MENA region.
To strengthen its role in the crypto industry of Dubai, Bybit has reestablished its alliance with the Dubai Multi Commodities Crypto Centre (DMCC). In this renewed relationship, Bybit will serve as a DMCC Ecosystem and Advisory Partner, providing advice on various projects. As part of their agreement, they intend to jointly organize a significant conference and a worldwide hackathon in 2023. The purpose of the conference is to establish Dubai as a hub for intellectual leadership by convening experts and stakeholders. For the hackathon, the partnership aims to motivate Web3 developers to explore the boundaries of innovation.
In April, Bybit supported the Blockchain Life Dubai conference organized by the Blockchain for Good Alliance (BGA). The BGA is a collective of various stakeholders such as organizations and individuals who aim to employ blockchain technology in addressing global economic, societal, and environmental issues. Some other partners associated with the BGA include the Solana Foundation, Harvard Blockchain Club, Aptos, Alchemy Pay, and more.
Bybit Hit Second-Largest by Trading Volume
In June, Bybit rose to become the second-largest cryptocurrency exchange globally in terms of trading volume. This rise was highlighted in a report, where Zhou mentioned that Bybit capitalized on the opportunity following the collapse of FTX. According to data from Kaiko, Bybit’s market share within crypto exchanges grew significantly, reaching 16%, nearly doubling between October and June. Binance remained the largest player with a 54% market share, while Coinbase, OKX, and Upbit held 8%, 7%, and 4% respectively.
At present, data from CoinMarketCap indicates that Bybit ranks fourth among all cryptocurrency exchanges based on market capitalization, with a trading volume of approximately $3.87 billion. The top three positions belong to Binance, Coinbase, and OKX respectively. However, it’s worth noting that when it comes to derivatives trading, Bybit occupies the second spot, as its derivatives trading volume over the past 24 hours was around $16 billion. This is slightly below Binance, which leads with a massive $39.5 billion in derivatives trading volume within the same period.
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2024-09-16 17:58