Bybit Gears to Launch Spot Trading Desk
Bybit, an established derivatives exchange would be integrating a spot trading desk soon. The obvious reason for this novel feature is to foster its expansion as well as offering a more docile ground for newer entrants into the crypto industry. The spot trading feature would go live on the 15th of July and would be made available for all Bybit users globally.
The Singapore-based trading platform announced the latest integration on Thursday, confirming that it won’t place fees for makers. According to the firm, spot trading with the USDT stablecoin alongside Bitcoin, Ethereum, XRP, and EOS is now available on the platform.
Bybit’s Journey Into Spot Trading
Bybit is now exploring the use of a spot trading desk after about three years of its existence. The trading firm was established in 2018 and holds an enviable reputation as the second-largest exchange judging from its trading volume. Bybit prides itself as a distinguished platform that offers ultra-efficient services and multilingual community support.
A lot of developments are expected to surround the incorporation of a spot trading desk. Bybit has mentioned that makers would be charged zero fees which is a significant step-up in comparison to exchanges like Binance that charges 0.1000% on maker fees. The zero placeholders on maker fees would be an enduring one as the exchange does not plan to take it away anytime soon. However, takers who remove liquidity to the platform would be charged at 0.1000% of the trading volume.
When quizzed on why the platform chose to settle for Tether-paired assets on the spot trading desk, Bybit’s Head of Communications Igneus Terrenus claimed the exchange would explore BTC pairs soon. Interestingly, Bybit took out the time to explain the differences between derivatives and spot, they attributed the latter to be the primary stepping stone for newbies in the cryptocurrency industry.
Bybit Desires to Expand Services
The Chief Executive Officer of Bybit Ben Zhou reiterated their persistent growth so far despite being an only-derivative platform. He mentioned that their counterparts had major glitches during the May market capitulation but they managed to stay in operation.
“We feel it is time that we brought the same level of reliability Bybit has embodied in derivatives to spot,” the CEO said. Bybit is optimistic about this recent event and believes that its experience in the derivatives sector would make this added feature a greater success.
Some locations would not be permitted to feast on this new development including the United States, North Korea, Quebec, Iran, Syria, and its host country Singapore. Similar to Binance, Bybit halted services in the United Kingdom after the Financial Conduct Authority (FCA) alleged the exchange of misconduct. In an equal stroke, the Canadian province of Ontario has begun regulatory proceedings against the exchange for operating as an unlicensed entity within its jurisdictions.
There is more on the line for the prestigious exchange as it is gradually preparing to launch options trading for users. The CEO announced that the development would be made available later this year.
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