Crypto derivatives exchange ByBit has launched a fiat onramp that will allow its users to trade more than 20 fiat currencies such as the US dollar, Euro, British Pound, and Canadian dollars for the cryptocurrency of their choice.
ByBit partnered with Banxa and XanPool to enable its users to purchase crypto with debit and credit cards and bank transfer.Early this year, Banxa also partnered with Binance to help the leading spot exchange to accept Australian dollars and Thai baht.
Fiat-crypto is a significant milestone for ByBit , which is a major coup for its traders as, before this, the platform has been using a separate onboarding service like Changelly or Coinbase to convert fiat currencies to digital assets before they could be deposited on the platform.
When it comes to bitcoin futures volume, ByBit ranks at 5th spot after OKEx , Huobi , Binance , and BitMEX , and it holds the same position in open interest on futures, as per Skew .The same goes for Ether futures, but it slips a spot below in terms of OI on futures with Deribit and FTX in the picture.
Since its launch in 2018, ByBit has been growing and continues to launch several products, including a range of perpetual swap contracts backed by stablecoin USDT .
It’s not just ByBit; exchanges in the crypto space continue to grow, the latest one being South Korea’s Bithumb , which is seeking an IPO in the country with Samsung Securities as the underwriter.
“It can be said that some part of the virtual currency has entered the system and has been the target for evaluating business feasibility and corporate value.It seems that the minimum environment for IPO of the virtual currency exchange is not equipped,” local media quoted an unnamed expert as saying.So the largest (or second largeat) Korean exchange Bithumb is thinking of doing IPO.A lot of issues to resolve (leadership, tax issue, and etc) but it can be a step toward further legitimizing the crypto industry in Korea https://t.co/DH7Hgn2WLV @BithumbOfficial
— Doo | MakerDAO | Asia (@DooWanNam) June 24, 2020 Safeguard the Retail
Crypto exchanges in the space are growing and expanding, which is no surprise given that the market and adoption of digital currencies is growing.
Moreover, exchanges are lucrative businesses that make profits in extreme volatility, no matter the market goes up or down.
As per a Forbes report , the exchange revenue can range between $1.9 billion to $9.6 billion in 2029 based on the varying adoption rates.This is up from approximately $956 million in average trading fees in 2019 based on Kraken’s fee schedule.
As of mid-2019, 7% of crypto assets were held by institutional investors, as per Binance Research.
This shows the growth is retail fueled which is further expected to increase in a bull market which crypto exchanges are poised to capture as we saw during the extreme volatility of March when these exchanges went on a hiring spree while the unemployment rate surged globally amidst the lockdown implemented in an attempt to slow down the coronavirus pandemic.
However, being a highly volatile, unregulated, and nascent space that offers more than 100x leverage, there is an increasing need for safety features, especially after the reports of the suicide of a 20-year-old Robinhood trader after he falsely believed that he was into $700,000-worth of debt by trading options.
Huobi added circuit breakers after the March crash, and Binance CEO Changpeng Zhao shared that they also have a “Responsible Trading” feature.
But Joel Edgerton, chief operating officer at the bitFlyer U.S ., doesn’t think it’s enough as he said , “This is like a cigarette company saying smoke responsibly.If @binance actually cared about its customers, they wouldn’t sell 125X leverage.@cz_binance don’t shill your company on other people’s pain.”
We have a long way to go, and crypto exchanges need to act more responsibly.Get Free Email Updates! *Action* Enter Best Email to Get Trending Crypto News & Bitcoin Market Updates I will never give away, trade or sell your email address.You can unsubscribe at any time..
