Bybit, a bitcoin and crypto exchange company founded in March 2018, has announced an exciting mid-year 2021 update. The update includes a new brand identity along with more exchange features including the launch of spot and options trading, an upgraded exchange wallet, DeFi portal, and more.
Firstly, Bybit is getting an upgraded brand identity. This includes a new logo (seen above on the bottom right), a new homepage design, a new UI, and a brand-new mobile interface.
Spot & Options
Bybit is venturing into both spot and options trading, with spot trading scheduled to be added sometime in Q3 2021. With the spot launch, Bybit will be listing new crypto trading pairs and assets. Moreover, the launch of options trading is scheduled for Q4 of this year. Bybit users can expect a full options product that offers both American and European options.
This is a major update that users have been waiting for. Currently, withdrawals have only been available at a fixed time, three times a day. With the new features and functions being added to the Bybit ecosystem…the exchange wallet and, specifically, the withdrawal system, will also be getting an upgrade.
The upgraded exchange wallet means no waiting periods. Now, users will able to make withdrawal requests and have them processed instantly. The new wallet is scheduled to be launched in Q3.
With the recent launch of the ‘ByFi Center,’ the platform opened the gateways to cloud mining; where users get enhanced hash power for their virtual ETH mining needs on their own schedule. Offering greater profitability with fewer risks, the cloud mining service provides 100% availability and no downtime.
This product was only launched back on May 24, 2021; and contracts were sold out nearly instantly with every supply renewal. Now, Bybit plans to expand the term offerings and add support for more assets.
WSOT 2021 Trading Competition
Lastly, following Bybit’s trading competition in 2020, which saw 12,000 participants. Bybit is now launching a new WSOT competition with greater challenges and higher rewards. The competition is due to take place in August 2021. A prize pool of 7.5 million USDT, NFT collectibles, and more await the winners.
2021 Bybit Milestones
- More than $1 trillion in total overall trading volume in Q1.
- A record of $76 billion 24 hours in daily trading volume.
- More than $4.9 million in BTC open interest.
- Surpassing $20 billion in ETH volume.