Singapore-based crypto derivatives exchange Bybit today announced the launch of a new cryptocurrency spot trading platform.
Fast facts
- The spot trading platform offered BTC/USDT, ETH/USDT, XRP/USDT and EOS/USDT trading pairs at its launch, and more will be introduced.
- Traders will be able to buy and sell crypto coins at current market prices once orders are filled. “Crypto spot is not only a foundational starting point for new market entrants, but a complementary vector for derivatives traders engaging in hedging strategies,” Bybit said in a statement shared with Forkast.News.
- The service will not be available in the United States, the Canadian province of Quebec, Singapore, Cuba, Crimea, Sevastopol, Iran, Syria, North Korea, Sudan and mainland China.
- Bybit’s move into spot trading comes as the exchange faces regulatory scrutiny in Ontario, Canada, over allowing residents of the province to trade cryptocurrency products that are securities and derivatives. Earlier this week, the Ontario Securities Commission announced that it and Bybit had reached an agreement on an enforcement schedule.
- Separately, Bybit-backed BitDAO, an decentralized autonomous organization, raised US$230 million last month in a private sale led by prominent investors including Peter Thiel, Founders Fund, Pantera Capital and Dragonfly Capital.