Bybit exchange has recorded massive transaction volume on its USDC amid the market rout.
The trading platform wants to set up new headquarters in Dubai.
Bybit exchange is doubling down on its strategic market positioning to extend its lead as one of the top crypto exchanges in the Middle East and North Africa (MENA) region. According to a Press Release shared with Crypto-News Flash, the recent banking turmoil that hit the broader financial ecosystem has pushed more users to increase their holdings of certain stablecoins, especially the USD Coin (USDC).
According to the trading firm, the Bybit spot volume for USDC surged by 1,437%. The digital currency exchange said the contribution of USDC to the spot volume jumped from just 8% to more than 40%.
Accruing this much traction in a highly competitive market has been tagged as no small feat. Per the exchange, it said it was able to hit that record in part due to its reliable trading engine and robust liquidity that has helped it meet customers’ obligations and requests. With the recorded growth, the exchange said its perpetual market saw the daily trading volume of the USDC/USDT pair exceeding $380 million, and the annualized funding rate reaching as high as 740%.
Bybit said its growth can also be attributed to the diverse embrace of its platform by both retail and institutional traders. It noted that it was able to design a system that is usable and useful for trust traders, institutions, and all categories of investors alike.
When the digital currency ecosystem witnessed the collapse of the FTX Derivatives Exchange back in November last year, many wanted to give up hope in the industry. However, exchanges like Bybit started publishing their Proof-of-Reserve (PoR), and as such, were able to restore confidence in their offerings and the broader crypto ecosystem.
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Bybit said its transparency push has helped it record as much success as it has within a short time.
Bybit and the Customer Focused Operations
For Bybit, the exchange claims it builds its products and offerings based on what it considers is the biggest need of its customers. From the release of the Bybit Wallet to serve users who favor self-custodial and unhinged access to the Web3.0 world, to the Bybit Card that is set to go live today, the firm said it is focused on bringing maximal value to its users.
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“One thing we do well at Bybit is to Listen, Care, and Improve. It is our job to be there for our customers when they need us the most. And we are able to support the surge in volumes in volatile markets because of years of building on platform integrity, fund safety, security, product integrations, and risk management. We are determined to empower our customers with next-level products such as AI trading bots, easy fiat conversions, and proof of reserves,” said Ben Zhou, co-founder, and CEO of Bybit. “Bybit is the choice of reliability and transparency in times of high volatility, and these are qualities that will steer Bybit towards its goal of becoming the go-to ‘Crypto Ark’ for investors worldwide.”
Bybit said it is looking at consolidating its growth in the MENA region by building a new headquarters in Dubai after months when it moved to the region.
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This article has been originally published at: https://www.crypto-news-flash.com/bybit-hits-new-trading-milestone-to-become-second-largest-exchange-in-mena-region/