Bybit, one of the largest crypto derivatives platforms in terms of trading volume, has expanded its offerings with the launch of spot crypto trading services.
Announced on Thursday, the crypto platform has added pairs of Bitcoin (BTC), Ethereum (ETH), XRP and EOS against Tether (USDT) for spot trading and has plans to expand this list further in the near future.
“It has been Bybit’s utmost privilege to have enjoyed the ardent support of our community and partners as we continue to grow and improve,” Ben Zhou, Co-Founder and Chief Executive Officer at Bybit.
“We are excited to bring with us to spot trading the world-class liquidity and reliability derivatives clients have come to associate with Bybit.”
The platform is adding XRP pair when several US-based crypto exchanges temporarily delisted the cryptocurrency due to the ongoing lawsuit filed by the US financial markets regulator against Ripple.
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Bybit was launched in 2018, and it soon became one of the top crypto derivative platforms with growing demand in the industry. According to Coinmarketcap.com, the derivatives platform handled more than $7.2 billion in trading volume in the last 24 hours and is only behind giants, like Binance and OKEx.
The exchange highlighted that the newly added spot trading services will complement its existing derivatives platform as derivatives traders can efficiently hedge their positions. In addition, it is trying to tap on the new crypto traders as most of them engage in spot trading rather than much riskier derivatives.
Additionally, Zhou confirmed that Bybit will never charge any maker fees from spot crypto traders, but there will be a taker fee of 0.1 percent. Furthermore, similar to its derivatives services, Bybit’s spot trading services will not be available in the United States, mainland China, Singapore, Quebec (Canada) and several other restricted jurisdictions.
Meanwhile, the exchange took some regulatory heat recently, receiving warnings in Japan and Canada.