Bybit, the world’s second-largest cryptocurrency exchange based on trading volume, has introduced two new features to boost liquidity and accommodate large-scale crypto trading. On Wednesday, the platform launched a spot market liquidity matching program and waived commissions for block trading.
Bybit Introduces Spot Liquidity Pairing Program
Bybit has launched a Spot Liquidity Pairing Program to address the persistent liquidity challenges faced by cryptocurrency projects. The program connects market makers with projects seeking to improve their liquidity. To highlight top-tier liquidity providers, Bybit will feature “Premium” market makers on a recommendation list for projects. Seven firms, including Amber Group, Auros, CyantArb, DWF Labs, Flow Traders, Pulsar Trading, and Raven, have been designated as Premium liquidity providers for July.
Bybit’s Head of Institutions, Eugene Cheung, emphasized that the Spot Liquidity Pairing Program aligns with the exchange’s broader mission to cultivate a robust and thriving trading environment for digital assets. Through this initiative, Bybit aims to bridge the gap between high-quality market makers and innovative projects in need of enhanced liquidity. By facilitating these connections, the platform seeks to create a more efficient and seamless trading experience for its user base.
It’s worth noting that Bybit has solidified its position as a dominant player in the cryptocurrency spot market, ranking second globally in terms of trading volume, just behind Binance. The platform’s substantial growth is evident, with trading volumes surging over 350% year-over-year in June, according to the latest Finance Magnates cryptocurrency report.
Bybit Unveils Zero-Fee Block Trading Platform
In a separate development, Bybit has introduced a groundbreaking zero-fee Block Trading platform, designed to revolutionize large-scale cryptocurrency transactions. This innovative feature empowers users to execute substantial asset trades in a single, streamlined operation, significantly reducing price slippage and enhancing trading efficiency.
To accommodate a diverse range of users, Bybit’s Block Trading platform supports a wide array of fiat currencies, including major global options such as the US Dollar and emerging market currencies like the Nigerian Naira, Russian Ruble, and Argentine Peso. This expanded fiat support underscores Bybit’s commitment to providing accessible and inclusive trading solutions for a global audience.
Joan Han, Bybit’s Sales and Marketing Director, expressed confidence in the platform’s transformative potential, stating, “We are convinced that Block Trading will redefine the landscape of large-scale asset transactions in the cryptocurrency market through its speed, convenience, and robust security measures.”
It is noteworthy that Bybit‘s recent launch of a Mastercard-branded payment card for Argentine clients coincided with the exchange surpassing a significant milestone of 30 million users. This rapid growth trajectory underscores the platform’s increasing popularity and influence within the cryptocurrency ecosystem.
