Bybit the crypto exchange
Bybit has overtaken Coinbase to become the world’s second-largest cryptocurrency exchange after Binance, according to a report from crypto research firm Kaiko.
The launch of spot Bitcoin exchange-traded funds (ETFs) in the US contributed to the exchange market share doubling to 16% in March, up from 8% in October 2023.
In contrast, Coinbase saw a modest increase of just 1% over the same period, as per Kaiko’s data.
Bybit’s growth was also fueled by low trading fees and an expanding array of derivatives. Additionally, the exchange benefited following a US Commodity Futures Trading Commission lawsuit against Binance in March 2023.
Binance’s market share dropped to 54% in March from 60% in October, Kaiko reported.
Founded in Singapore, The exchange market has relocated its headquarters to Dubai, where local officials are actively seeking to attract more cryptocurrency companies.
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