ByBit to disrupt DeFi and become the infrastructure provider for decentralization
Decentralized finance (DeFi) is slowly gaining momentum with prospects to replace traditional banks and other financial institutions. It decentralizes the system and adds greater transparency by eliminating the need for existing middlemen, such as brokerage and banks. In just a few years, DeFi has shifted the powers of financial regulations from the central controlling bodies to its users.
The DeFi space has also evolved and matured quite immensely in recent years as investors and tech companies poured billions of dollars into the space. For example, at the beginning of 2020, less than $1 billion worth of cryptocurrency was locked in DeFi assets. By December of that same year, the amount has reached $13 billion by December. As of 2022, DeFi assets are now above $80 billion. Today, the DeFi space accounts for about 6% of the $2 trillion crypto market and continues to grow.
This growth also comes with challenges as additional infrastructure is needed to support millions of new and existing users. That’s where ByBit comes in. Bybit is one of the fastest-growing cryptocurrency exchanges with more than 5 million registered users. The ByBit crypto trading exchange offers a professional platform where crypto traders can find an ultra-fast matching engine, excellent customer service, and multilingual community support.
We covered ByBit last week after it became a member of VerifyVASP Alliance. With the membership, Bybit is able to streamline compliance with the Travel Rule requirements as the exchange brings cryptocurrency transactions on its platform to comply with the Financial Action Task Force (FATF)’s guidance. But the ByBit team is not just resting on their successes.
Today, Bybit said it is investing in technology that will drive revolutionary changes and prepare the world for decentralization. At a fireside chat and at a panel discussion at the World Blockchain Summit Dubai 2022, Igneus Terrenus, Head of Communications at Bybit, said the centralized exchange was all about getting people behind a decentralized future.
During the Summit, Terrenus said, “We run a very successful exchange business, and we are able to invest in projects that will prove to be fundamentally revolutionary. Bybit is the instigator and a major contributor of BitDAO — one of the world’s largest DAO in terms of treasury size. BitDAO has allocated hundreds of million dollars into blockchain gaming with Game7, Layer 2 scaling solutions with zkDAO and blockchain research with EduDAO and eight of the world’s most prestigious universities.”
Web3 technologies need to mature before mass adoption could happen. But onboarding more people into the new space will contribute to a better technology stack and more opportunities. Bybit wants to be the provider of the infrastructure for the transition into a blockchain-powered decentralized future. “We see ourselves as a bridging agent to help people of all skill and knowledge levels to access web3 technologies and innovations they could use. We want to bring more people into the space because we truly see the value in that,” said Terrenus.
The World Blockchain Summit global series is organized by Trescon to connect global leaders, thinkers, and investors in blockchain and crypto innovations. The 22nd global edition of the Summit was powered by Bybit and took place at Atlantis, The Palm in Dubai on March 23 and 24, 2022.
“Bybit’s core ethos is to support the next level of innovation, talent, and technology development. This is perfectly aligned with our vision to exist at the forefront of technological innovation,” Mithun Shetty, CEO of Trescon said. “We appreciate the support of Bybit, and all the great work we will be able to do because of this partnership,” he added.
Founded in March 2018, Bybit is now the world’s third most visited cryptocurrency exchange. The company provides innovative online spot and derivatives trading services, mining and staking products, an NFT marketplace as well as API support, to retail and institutional clients around the world, and strives to be the most reliable exchange for the emerging digital asset class. Bybit is a proud partner of Formula One racing team, Oracle Red Bull Racing, esports teams NAVI, Astralis, Alliance, Virtus.pro and Oracle Red Bull Racing Esports, and association football (soccer) teams Borussia Dortmund and Avispa Fukuoka.