Bybit introduces Pre-Market trading platform for new tokens

Dubai-based cryptocurrency exchange Bybit has rolled out its Pre-Market Trading feature, a first-of-its-kind offering in the crypto space that allows users early access to trade new tokens before they officially hit the market.

This new service went live with the launch of the Wormhole ($W) airdrop.

The Pre-Market Trading platform operates as an over-the-counter (OTC) service, enabling participants to negotiate and execute trades at pre-set prices. This setup is designed to benefit early adopters, allowing them to secure entry points for new tokens at desired prices. It also gives an advantageous start when these tokens begin trading on the open market.

Initially, the platform will feature trading for Wormhole ($W), a cross-chain messaging protocol designed to facilitate the movement of funds across different blockchain networks. Wormhole announced an airdrop of 617 million tokens, which represent 6% of its total supply, to previous users. At the moment, the $W token is traded at $1.7 on Bybit’s Pre-Market Trading platform.

Another project featured on the platform is Aevo ($AEVO), a decentralized exchange focusing on derivatives, specifically options and perpetual contracts. Aevo is set to airdrop 5% of its total token supply on March 13, with its token currently trading at just under $3 on the Pre-Market platform.

“Pre-Market Trading opens new avenues for our clients to engage with emerging tokens, setting a new standard for proactive trading in the cryptocurrency sector,” said Ben Zhou, co-founder and CEO of Bybit. “This move reshapes market dynamics by allowing more strategic trading positions ahead of official listings, reflecting Bybit’s commitment to innovation and client empowerment in the digital asset trading landscape.”

Bybit outlined that participants looking to engage in Pre-Market Trading must ensure they have adequate funds in their accounts and fulfill trading requirements within the specified timeframe. A failure to do so will result in the forfeiture of their collateral, a measure that Bybit states will ensure fairness and transparency in these early trades.

Earlier last year, Bybit introduced “TradeGPT,” a new AI-powered trading tool that leverages the ChatGPT language model along with real-time data from its platform. This innovative assistant helps simplify access to updated market analyses and provide clear answers to user questions in multiple languages. Bybit also launched an AI-powered engine that provides personalized trading recommendations and strategies to users based on their unique trading habits and preferences.

Founded in 2018, Bybit has quickly risen to become one of the world’s top three cryptocurrency exchanges by trading volume, serving over 20 million users. It is recognized for its ultra-fast trading engine, 24/7 customer support, and community engagement efforts. Bybit also boasts a partnership with Formula One’s Oracle Red Bull Racing team, underlining its status in the industry.