Bybit won the Best Crypto Exchange Award at Crypto Expo Dubai (CED) 2022, a two-day event that gathered industry giants and budding companies in blockchain and cryptocurrency.
The award is said to recognize the efforts made by Bybit in establishing competitive fees, maintaining robust security and transparency, and understanding its customer rules. It also reflects the platform’s significant growth volume and user base in recent years.
Organized by HQMENA, Crypto Expo Dubai 2022 is a premier crypto exhibition and conference featuring more than 100 crypto companies. The second edition of the MENA’s largest crypto gathering had reportedly drawn over 10,000 visitors.
Bybit said the award was a new milestone in its growth story from an emerging platform in 2018 to a fully-fledged exchange that counts more than 6 million traders of varying risk appetites and skill levels.
“The original promise of the internet was to create a level playing field for all,” and somehow web 2.0 was led astray from that vision, said Igneus Terrenus, head of communications at Bybit. “What web3 and the metaverse could do is to give power back to the individual,” he shared at a panel on what the future holds for crypto after the metaverse.
“This is where blockchain can come in to monitor and assess real progress in carbon reduction and carbon capture. And NFTs are about ownership and bragging rights as much as they are tradable assets and financial instruments. These technologies can play a role in addressing the biggest problems of our generation. And if we don’t, we are kicking the can down the road at our own peril,” he added.
Bybit has a long-standing reputation in cryptocurrency derivatives trading. At press time, the Singapore-based exchange accounts for $6 billion in 24-hour volumes. That share of the market puts Bybit just behind four global derivatives exchanges.
In just four years, Bybit managed to become a major versatile hub in the space, boasting a spot and derivatives trading offering in addition to passive-income generating services as a part of its Earn product.
As part of the expansion of its retail-focused services suite, Bybit has also announced the grand opening of their cloud mining solutions. As the first entry to Bybit’s ByFi product portfolio, the cloud mining offers a chance for crypto enthusiasts to mine ether without having to pay hefty upfront costs or purchase expensive mining hardware.