Derivatives Exchange Bybit To Launch Spot Trading for Major Cryptocurrencies
More than three years after its launch, the popular derivatives exchange has decided to enter the cryptocurrency spot market as well. The trading venue will release such services on July 15th to all customers with zero maker fees.
Bybit Enters the Spot Crypto Space
Established in early 2018, Bybit is a derivatives exchange offering traders an “ultra-fast matching engine, excellent customer service, and multi-lingual community support.” After providing only derivatives services for over three years, the firm will release a new platform for spot trading.
It will go live on July 15th at 6 AM UTC, and the company promised that it will come with zero maker fees. Once it goes live, it will have four crypto trading pairs – BTC/USDT, ETH/USDT, XRP/USDT, and EOS/USDT. The statement also noted that more will “follow shortly.”
Speaking on why the firm has chosen to go with USDT-denominated trading pairs only initially, Bybit’s Head of Communications – Igneus Terrenus – told that the company “may explore BTC trading pairs in the future.”
The announcement designated the difference between derivatives and spot trading, describing the latter as the “foundational starting point for new market entrants” and the “complementary vector for derivatives traders engaging in hedging strategies.”
Why Spot Trading Now?
Terrenus also explained why the company has decided to enter the spot market now – after more than three years of providing derivatives.
“It’s a part of our upgraded strategy to serve all crypto lovers and users. Compared to derivatives, spot trading is more friendly to new users and less-experienced traders. We have always prioritized the quality of our products and capability of our system, even if that meant a narrower suite of product offerings.”
Furthermore, Bybit’s spokesperson said that its experience and success in the derivatives market will help the exchange to provide more trustworthy and secure spot market products as well. What distinguishes Bybit from other exchanges is its sustainability, as Terrenus added:
“Now that we are comfortably at the top of the derivatives-only lane and managed to stay operational throughout the bull run as virtually all our peers experienced overload and downtime, we feel it is time that we brought the same level of reliability Bybit has embodied in derivatives to spot.”