Bybit, a bitcoin and cryptocurrency trading company founded in March 2018, announced an exciting mid-2021 update. This update includes a new brand identity and more exchange functions, including the introduction of spot and options trading, upgraded exchange wallets, DeFi portals, and more.

new model

First, Bybit is getting an upgraded brand identity. This includes a new logo (see bottom right corner), a new homepage design, a new user interface and a brand new mobile interface.

Spot and options

Bybit is getting involved in spot and options trading, and plans to increase spot trading sometime in the third quarter of 2021. With the launch of spot trading, Bybit will list new crypto trading pairs and assets. In addition, the launch of options trading is scheduled for the fourth quarter of this year. Bybit users can look forward to providing a complete option product of American and European options.

Wallet 2.0

This is a major update that users have been waiting for. Currently, withdrawals can only be made at a fixed time, 3 times a day. As new features and functions are added to the Bybit ecosystem… exchange wallets, especially the withdrawal system, will also be upgraded.

The upgraded exchange wallet means that there is no waiting period. Now, users will be able to make withdrawal requests and be processed immediately. The new wallet is scheduled to be launched in the third quarter.

ByFi Center

With the recently launched “ByFi Center”, the platform opened the door to cloud mining; users can obtain enhanced hashing power according to their own schedule to meet their virtual ETH mining needs. Cloud mining services provide higher profitability and lower risk, providing 100% availability and no downtime.

The product was only launched on May 24, 2021; each time the supply was updated, the contract sold out almost immediately. Now Bybit plans to expand its maturity products and increase support for more assets.

WSOT 2021 Trading Competition

Finally, following the 2020 Bybit trading competition, the competition has 12,000 participants. Bybit is now launching a new WSOT competition with greater challenges and higher rewards. The competition is scheduled to be held in August 2021. A $7.5 million prize pool, NFT collections, etc. await the winner.

2021 Bybit Milestone

• The total transaction volume in the first quarter exceeded US$1 trillion.
• The 24-hour daily trading volume reached a record 76 billion U.S. dollars.
• Open BTC contracts with more than 4.9 million USD.
• ETH transaction volume exceeds 20 billion U.S. dollars.