Bybit, the world's second-largest cryptocurrency exchange by trading volume, has unveiled two new initiatives aimed at enhancing liquidity and facilitating large-scale transactions in the crypto market.
On Wednesday, the platform introduced both a liquidity matching program for spot markets and zero commissions for block trading.
Bybit Launches Spot Liquidity Pairing
The company announced the launch of its Spot Liquidity Pairing Program, designed to connect market makers with projects seeking improved liquidity, a persistent issue in the cryptocurrency.
As part of this program, Bybit will highlight “Premium” liquidity providers on its recommendation list to projects. For July, seven market makers have been recognized in this category, including Amber Group, Auros, CyantArb, DWF Labs, Flow Traders, Pulsar Trading and Raven.
???? Bybit is thrilled to launch the Spot Liquidity Pairing Program, connecting top Market Makers with projects for enhanced liquidity! ????Congratulations to our “Premium” Liquidity Providers for July: @AmberGroup_io@Auros_global@CyantArb@DWFLabs@FlowTraders@PulsarTrading…
— Bybit (@Bybit_Official) July 17, 2024
“The Spot Liquidity Pairing Program is part of Bybit's ongoing efforts to foster a robust trading environment and facilitate the growth of the digital asset ecosystem,” Eugene Cheung, Head of Institutions at Bybit, stated. “By connecting quality market makers with promising projects, Bybit aims to enhance liquidity and provide a seamless trading experience for its users.”
Bybit is the second-largest cryptocurrency spot exchange by volume, surpassed only by Binance. According to the latest Finance Magnates cryptocurrency report, its volumes in June grew over 350% year-on-year.
Zero-Fee Block Trading
In a separate announcement, Bybit introduced a zero-fee Block Trading feature. This new offering allows users to execute large-scale asset transactions in a single trade, potentially reducing price slippage and streamlining the trading process. The platform supports multiple fiat currencies and USDT.
“With its faster, more convenient trading capabilities and enhanced security measures, we believe Block Trading will reshape the landscape of large-scale asset transactions in crypto,” Joan Han, sales and marketing director at Bybit, commented.
The Block Trading platform supports multiple fiat currencies, including the Nigerian Naira, Russian Ruble, and Argentine Peso, alongside major currencies like the US Dollar.
The cryptocurrency exchange recently offered its clients in Argentina a new payment card issued in collaboration with Mastercard. This expansion comes as the exchange reached the milestone of 30 million users, adding 10 million in approximately seven months.
This article was written by Damian Chmiel at www.financemagnates.com.
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