After more than 3 years of its launch, the popular derivative exchange, Bybit, has made its decision to enter the cryptocurrency spot market. The trading venue will release the related services on 15th July to all of its customers with no maker fees at all.
Established in early 2018, Bybit is a derivative-based exchange that offers its trader a fast-matching engine. At the same time, it offers excellent customer service with community support, which is multilingual. However, after facilitating derivative services only for over three years, the firm is now about to release a completely new platform for spot trading.
It will go live on the 15th of July at 6 AM UTC. The company has promised that it will come with zero-maker fees. After going live, it will have four of the crypto trading pairs. These crypto trading pair includes, BTC /USDT, XRP/USDT, ETH / USDT, EOS/ USDT. The statement also notes that more of it will follow up shortly.
Talking about why the firm has chosen to go along with USDT, which is a denominate trading pair, the head of ByBit, Igneus Terrenus, said that the company might explore BTC trading pairs in the coming future.
The announcement has designated the difference between spot trading and derivatives. It is describing that spot trading is foundational at the starting point for its new market entrants. These complementary vectors for derivatives traders are now involved in various hedging strategies.
Terrenus has also explained why the company decided to enter the spot market now after years. He said, “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.”
ByBit spokesperson said that their success and experience in the market will help the exchange offer more reliable and secure spot market products. Thus, Terrenus added saying, “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.”