Cryptocurrency exchange Bybit has surpassed 30 million registered users globally. The exchange, one of the largest by spot volume, has increased its customer base by 10 million over the past six months.
Bybit exceeds 30 million registered users
At the end of November last year, Bybit celebrated its fifth anniversary and achieved a very high rate of new user acquisition, helping to increase its customer base to more than 20 million.
By early March 2024, their number had already exceeded 25 million, and increased by another 5 million in just the past two and a half months. This increase is due to the surge in interest in cryptocurrencies in recent months and the rising popularity of Bybit's cryptocurrency copy trading platform.
“Reaching 30 million registered users is a humbling achievement, and it would not be possible without the unwavering support of the vibrant global cryptocurrency community,” said Ben Zhou, co-founder and CEO of Bybit.
Bybit is also focused on expanding its Web3 offerings, including introducing the NFT Pro marketplace and Inscriptions. It will soon launch Bybit Web3 DEX Pro, a decentralized cryptocurrency exchange platform.
“We are extremely grateful for their trust and remain committed to providing best-in-class, reliable services tailored to meet local needs. Paybit is actively collaborating with regulatory bodies around the world to ensure compliance and responsible innovation.”
Market share and increasing volumes
According to the latest Finance Magnates Intelligence report, Bybit's market share in spot trading has seen a significant rise, jumping from 2% in 2023 to 11% in April 2024.
The cryptocurrency exchange is currently the second largest by spot volume, trailing only Binance and surpassing OKX, UpBit, and Coinbase. It is worth noting that trading volumes on the stock exchange jumped six-fold within one year, from $20 billion to $138 billion.
Bybit attributes this growth to its unwavering commitment to user security and trust. The company prioritizes asset safety by regularly publishing proof-of-reserve audits, ensuring transparency and accountability regarding users' funds.
However, the exchange recently found itself targeted by French regulator AMF, which warned against its operations in the country. The regulatory body recalled that the platform was blacklisted two years ago.
This article was written by Damian Schmil at www.financemagnates.com.