Bybit Marks Six Years of Remarkable Growth
Bybit Celebrates Six Years of Transformational Growth in the Cryptocurrency Landscape
DUBAI, UAE — December 3, 2024 — Bybit, the world’s second-largest cryptocurrency exchange by trading volume, marks a notable milestone as it celebrates its sixth anniversary. This year not only commemorates its remarkable evolution but also highlights its commitment to innovation, resilience, and a transformative impact on the cryptocurrency market.
Established in 2018, Bybit has consistently demonstrated its capacity to adapt and thrive in an ever-changing financial landscape. The exchange has witnessed exponential growth, evidenced by a threefold increase in its registered user base, which skyrocketed from 20 million at its fifth anniversary to nearly 60 million this year. This surge points to Bybit’s effective strategies in engaging and retaining a diverse, global user community in an increasingly competitive environment.
Over the past quarter, Bybit has reported an impressive average of billion in daily trading volume, with a staggering one-day high of 0 billion achieved in August 2024. This unprecedented trading activity has propelled Bybit from seventh to second place in the spot market share rankings, a significant leap characterized by an increase from 3.2% to 8.51%. Additionally, its share within the derivatives market has climbed from 6% to 15%, underscoring the platform’s robust offerings and strategic enhancements in this dynamic sector.
Reflecting on the past six years, Ben Zhou, Co-founder and CEO of Bybit, expressed a vision that transcends mere business achievement. He articulated, “Bybit’s journey is a story of transformation. Over the past six years, we have not only achieved milestones but also reimagined what’s possible in the crypto industry. At Bybit, we’re driven by a commitment to innovation, trust, and inclusivity, shaping the future of Web3 and empowering millions to participate in the digital economy. Together, we’re building a world where opportunities are limitless.”
Innovative technology has been a cornerstone of Bybit’s success. The platform has introduced several cutting-edge products, including bbSOL, the first exchange-backed LST token on its Web3 staking platform, and DEX Pro, an advanced decentralized trading solution that seamlessly connects centralized and decentralized exchanges. These innovations were exemplified during the WSOT DEX Wave 2024, showcasing Bybit’s pioneering spirit in the cryptocurrency space.
Bybit has also strengthened its position within the Web3 ecosystem, as demonstrated by its market share rise within the TON ecosystem from 3% at the beginning of 2023 to an impressive 17% by the end of 2024. Notably, Bybit became the first exchange to successfully distribute Catizen ($CATI) tokens through a seamless airdrop, reflecting its robust technical infrastructure and commitment to expanding Web3 opportunities.
A hallmark of Bybit’s commitment to global standards is its compliance-first approach, resulting in successful licensing across key jurisdictions, including Argentina, the Netherlands, Kazakhstan, and Turkey, to name a few. The exchange additionally made strides towards inclusivity by introducing Sharia-compliant accounts, addressing the needs of a wider range of communities.
Bybit is devoted to fostering a vibrant blockchain community, as evidenced by its contributions to the Blockchain for Good Alliance (BGA) and other community-driven initiatives. The exchange’s recent involvement has seen over 100 partners onboarded and more than 1,000 participants in their latest hackathon. The BGA Oscar Awards held in Bangkok recognized seven innovative projects focused on sustainability through blockchain technology, highlighting Bybit’s proactive role in shaping a better future with the tools of DeFi.
In celebrating its sixth anniversary, Bybit stands firm in its mission to “Build, Transform, and Supercharge” the cryptocurrency and Web3 ecosystem. The company’s trajectory of innovation and commitment to trust promises an exciting future as it continues to spearhead the evolution of digital finance.
As it moves forward, Bybit remains a pivotal player in the cryptocurrency industry—one that not only seeks growth but also strives to create an inclusive digital economy for all participants.
