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Qudian Inc. Reports Third Quarter 2019 Unaudited Financial Results

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Qudian Inc. Reports Third Quarter 2019 Unaudited Financial Results

Qudian Inc. (“Qudian” or the “Company”) (NYSE: QD), a leading technology platform empowering the enhancement of online consumer finance experience in China, today announced its unaudited financial results for the quarter ended Sep 30, 2019.

Third Quarter 2019 Operational Highlights:

  • Total number of registered users as of Sep 30, 2019 reached 78.3 million, representing an increase of 11.8% from Sep 30, 2018
  • Number of outstanding borrowers[1] from loan book business and transaction services business as of Sep 30, 2019 increased by 3.4% to 6.3 million from 6.1 million as of June 30, 2019
  • Cumulative number of borrowers[2] from loan book business and transaction services business as of Sep 30, 2019 increased by 3.6% to 19.0 million from June 30, 2019
  • New active borrowers[3] from loan book business and transaction services business for this quarter increased by 15.2% to 669,111 from 580,727 for the third quarter of 2018 as a result of incremental user growth driven by transaction services business
  • Total outstanding loan balance including transaction services business[4]as of Sep 30, 2019 increased by 151.2% to RMB38.4 billion from Sep 30, 2018
  • Weighted average loan tenure for our loan book business was 10.4 months for this quarter, compared with 8.4 months for the second quarter of 2019; Weighted average loan tenure for transactions serviced on open-platform was 13.0 months for this quarter, compared with 14.1 months for the second quarter of 2019
  • Cumulative number of users for transactions serviced on open-platform as of Sep 30, 2019 increased by 153.3% to 1,057,497 from June 30, 2019 Cumulative amount of transactions serviced on open-platform in 2019 was RMB15.7 billion as of Sep 30, 2019

[1] Outstanding borrowers are borrowers who have outstanding loans as of a particular date, including outstanding borrowers from both loan book business and transaction services business. Transaction services business, relates to various services, including credit assessment, referral and post-origination services, provided through our open-platform, which was launched in the second half of 2018.

[2] Cumulative number of borrowers are borrowers who have drawn down credit on or prior to a particular date, on a cumulative basis, including outstanding borrowers from both loan book business and transaction services business.

[3] Active borrowers are borrowers who have drawn down credit in the specified period from both loan book business and transaction services business. New active borrowers are active borrowers who had never drawn down credit on our platform prior to the specified period.

[4] Includes off and on balance sheet loans directly or indirectly funded by our institutional funding partners or our own capital, net of cumulative write-offs. Includes loan balance facilitated through our open platform to funding partners which Qudian does not undertake credit risks and does not include auto loans from Dabai Auto business.

Third Quarter 2019 Financial Highlights:

  • Total revenues were RMB2,590.9 million (US$362.5 million), increased by 34.3% from same period last year, primarily due to the ramp up of the open-platform initiative
    • Loan facilitation income and other related income increased by 72.6% year-on-year to RMB583.3 million (US$81.6 million) from RMB337.9 million for the same period last year
    • Transaction services fee and other related income which relate to transaction services and traffic referral services provided by our open-platform, substantially increased to RMB993.3 million (US$139.0 million) from nil for the same period last year
    • Financing income decreased by 16.9% to RMB797.9 million (US$111.6 million) from RMB960.2 million for the same period last year as a result of decrease in average on-balance sheet loan balance
  • Net income increased by 52.6% year-on-year to RMB1,043.4 million (US$146.0 million), or RMB3.29 (US$0.46) per diluted ADS
  • Non-GAAP net income[5] increased by 52.9% year-on-year to RMB1,061.8million (US$148.6 million), or RMB3.34 (US$0.47) per diluted ADS

 [5] For more information on this Non-GAAP financial measure, please see the table captioned “Unaudited Reconciliation of GAAP and Non-GAAP Results” set forth at the end of this press release.

“The third quarter marks our successful evolution to a balance sheet independent, technology services fee driven business. Our transaction services fee overtook as the largest in revenue scale and delivered staggering 150% growth from the previous quarter,” said Mr. Min Luo, Founder, Chairman and Chief Executive Officer of Qudian.

“In the face of a complex and evolving regulatory framework over the past several years we have proven our ability to lead and innovate, creating China’s leading regulatory compliant fintech company. Our past efforts in full compliance with Circular 141, restrained use of micro lending license, complete avoidance of P2P business model, 100% institutional funding base, disciplined approach to collection and respect of our customers’ data privacy have all cumulated to our open platform solution. Our open platform where the licensed and regulated financial institutions lend and assume borrowers risk while QD provides a full suite of transaction services using cutting edge technologies to enhance analytics, user experience, reduce customer acquisition and engagement cost, is likely to be the ultimate form of regulatory compliant fintech in China.”

“Our open platform technology enables high speed precision processing of micro loans while simultaneously syndicating each individual user to multiple lenders. This allows all our lender partners to lower risk while providing enhancement in credit size, allowing open platform to focus on the higher quality borrowers. As of the end of third quarter, our open-platform has bridged over 1,020,940 outstanding borrowers and 11 licensed and, regulated financial institutions, both more than doubling from last quarter. Notably, the repeat borrowing ratio was more than 70% for the quarter, demonstrating strong sustainability and user stickiness trends.”

“As a whole, our registered user base grew to 78.3 million and total outstanding borrowers reached 6.3 million, both the highest in our company’s history, illustrating the sustained demand for our services. With the right high-scale, risk-free and regulatory compliant approach to China’s exciting consumer credit opportunity, we believe Qudian remains best positioned to deliver exceptional financial results and returns to our shareholders for the long term.”

“We delivered another quarter of solid Non-GAAP net income of RMB1,061.8 million, a 52.9% year-over-year increase despite the overall industry credit deterioration driven by the macro economic environment and reduced liquidity as non-complaint player exit the credit market,” said Mr. Carl Yeung, Chief Financial Officer of Qudian. “Continuing last quarter’s momentum, our open-platform initiative has become the main growth and profit driver, generating RMB993.3 million revenue for the third quarter, which represents over 90% of our net profit, further boosting our bottom line, as it carries little marginal operational cost and zero credit risk.”

“Attracted by our affordable and seamless product offering, more than 669,000 new borrowers joined the platform with minimal acquisition costs. Our total loan balance including the risk-free open platform business has grown further to RMB38.4 billion, solidifying our strong execution capabilities to drive business development and focus on the higher quality borrowers. Building on the innovation in our open-platform, we will continue to pursue our tech-driven growth strategy to connect China’s over 300 million creditworthy but underserved consumers to more than 5,000 licensed domestic financial institutions.”

“In our risk undertaking business, we implemented a conservative strategy of reducing credit volumes and paused our credit trial program. Our proactive and prompt management of macro driven risk was effective in stabilizing the delinquency rates. To enhance comparability to peers and transparency in our disclosures, our M6+ vintage charge-off rates measured by current receivables at risk stayed below 1.6%. Although risk remains well managed, we believe the recent exit of many smaller players may create further credit liquidity pressure for the Chinese consumption credit sector. As such, we expect to continue a conservative approach on our risk-taking book into the final quarter of 2019 and thus revise our full year guidance accordingly.”

“Given a large disconnect between the strong momentum in our open-platform and  risk-free fee based business model and the market value of our company which is near net assets, we have announced another US$195 million of shares under our forward stock repurchase program, bringing our total buyback amount to US$572 million since we became a public company. This reflects our confidence in Qudian’s growth prospects and upholds our commitment to creating shareholder value.”

Third Quarter Financial Results

Total revenues were RMB2,590.9 million (US$362.5 million), increased by 34.3% from RMB1,928.9 million for the third quarter of 2018.

Financing income totaled RMB797.9 million (US$111.6 million), a decrease of 16.9% from RMB960.2 million for the third quarter of 2018, as a result of decrease in average on-balance sheet loan balance.

Loan facilitation income and other related income increased by 72.6% to RMB583.3 million (US$81.6 million) from RMB337.9 million for the third quarter of 2018, as a result of an increase in the amount of off-balance sheet transactions.

Transaction services fee and other related income substantially increased to RMB993.3 million (US$139.0 million) from nil in the third quarter of 2018, as a result of the ramp-up of the open-platform initiative.

Sales income substantially decreased to RMB135.5 million (US$19.0 million) from RMB586.1 million for the third quarter of 2018, due to the scaling down of the Dabai Auto business.

Sales commission fee increased by 96.0% to RMB69.9 million (US$9.8 million) from RMB35.7 million for the third quarter of 2018, due to an increase in the margins for merchandise credit products.

Total operating costs and expenses increased by 14.0% to RMB1,400.8 million (US$196.0 million) from RMB1,229.0 million for the third quarter of 2018.

Cost of revenues decreased by 70.5% to RMB206.3 million (US$28.9 million) from RMB698.5 million for the third quarter of 2018, primarily due to a decrease in costs incurred by the Dabai Auto business and a decrease in funding costs associated with the on-balance sheet portion of our loan book business.

Sales and marketing expenses decreased by 45.4% to RMB65.5 million (US$9.2 million) from RMB120.1 million for the third quarter of 2018. The decrease was primarily due to the scaling down of the Dabai Auto business.

General and administrative expenses increased by 34.9% to RMB65.1 million (US$9.1 million) from RMB48.2 million for the third quarter of 2018. The increase was primarily due to an increase in service fees.

Research and development expenses increased by 7.0% to RMB44.1 million (US$6.2 million) from RMB41.2 million for the third quarter of 2018.

Provision for receivables increased by 136.4% to RMB691.1 million (US$96.7 million) from RMB292.4 million for the third quarter of 2018. The increase was primarily due to an increase in past-due on-balance sheet outstanding principal receivables compared to the third quarter of 2018 and a write-down relating to the Dabai Auto business of RMB42.7 million (US$6.0 million).

As of Sep 30, 2019, the total balance of outstanding principal and financing service fee receivables for on-balance sheet transactions for which any installment payment was more than 30 calendar days past due was RMB970.6 million (US$135.8 million), and the balance of allowance for principal and financing service fee receivables at the end of the period was RMB1,184.5 million (US$165.7 million), indicating M1+ Delinquency Coverage Ratio of 1.2x.

The following charts display “vintage charge-off rate.” Total potential receivables at risk vintage charge-off rate refers to, with respect to on- and off-balance sheet transactions facilitated during a specified time period, the total potential outstanding principal balance of the transactions that are delinquent for more than 180 days during such period, divided by the total initial principal of the transactions facilitated in such vintage.

Current receivables at risk vintage charge-off rate refers to, with respect to on- and off-balance sheet transactions facilitated during a specified time period, actual outstanding principal balance of the transactions that are delinquent for more than 180 days during such period, divided by the total initial principal of the transactions facilitated in such vintage.

Total potential receivables at risk M1+ delinquency rate by vintage refers to, with respect to on- and off-balance sheet transactions facilitated during a specified time period, the total potential outstanding principal balance of the transactions that are delinquent for more than 30 days during such period, divided by the total initial principal of the transactions facilitated in such vintage.

Current receivables at risk M1+ delinquency rate by vintage refers to, with respect to on- and off-balance sheet transactions facilitated during a specified time period, the actual outstanding principal balance of the transactions that are delinquent for more than 30 days during such period, divided by the total initial principal of the transactions facilitated in such vintage.

Income from operations increased by 73.5% to RMB1,219.6 million (US$170.6 million) from RMB702.8 million for the third quarter of 2018.

Net income attributable to Qudian’s shareholders increased by 52.6% to RMB1,043.4 million (US$146.0 million), or RMB3.29 (US$0.46) per diluted ADS.

Non-GAAP net income attributable to Qudian’s shareholders increased by 52.9% to RMB1,061.8 million (US$148.6 million), or RMB3.34 (US$0.47) per diluted ADS.

Cash Flow

As of Sep 30, 2019, the Company had cash and cash equivalents of RMB2,656.1 million (US$371.6 million) and restricted cash of RMB981.6 million (US$137.3 million). Restricted cash mainly represents (i) cash held by the consolidated trusts through segregated bank accounts; (ii) time deposits that are pledged for short-term bank loans; and (iii) security deposits held in designated bank accounts for guarantee of off-balance sheet transactions. Such restricted cash is not available to fund the general liquidity needs of the Company.

For the quarter ended Sep 30, 2019net cash provided by operating activities was RMB1,670.9 million (US$233.8 million), mainly attributable to net income of RMB1,043.4 million (US$146.0 million), adjustment of provision for receivables of RMB691.1 million (US$96.7 million). Net cash provided by investing activities was RMB438.6 million (US$61.4 million), mainly due to proceeds from collection of loan principal of RMB5,779.4 million (US$808.6 million), partially offset by payments to originate loan principal of RMB5,279.4 million (US$738.6 million). Net cash used in financing activities was RMB1,919.4 million (US$268.5 million), mainly due to repayments of borrowings of RMB2,752.5 million (US$385.1 million) and prepayment of forward purchases of RMB1,383.1 million (US$193.5 million), partially offset by net proceeds from convertible senior notes of RMB2,389.0 million (US$334.2 million).

Board Member Changes

We also announced today the replacement of Mr. Lianzhu Lv from Qudian’s Board of Directors by Mr. Long Xu, Qudian’s Senior Vice President.

With extensive experience managing startups, Mr. Xu joined Qudian, Inc. in 2016 and has focused on key operations including products, human resources and customer engagement. Mr. Lv will remain as key management of the company focusing on administration.

Outlook

Due to recent strategy for the company to reduce risk-taking loan balance and focus on higher quality borrowers via open-platform, the Company has adjusted its expected total Non-GAAP net income for the full year of 2019 to RMB4.0 billion, which will represent an approximately 57% increase from RMB2.55 billion for 2018.

The above outlook is based on current market conditions and reflects the Company’s preliminary expectations as to market conditions, its regulatory and operating environment, as well as customer demand, all of which are subject to change.

Qudian to Hold Annual General Meeting on December 30, 2019

Qudian announced that it will hold its annual general meeting of shareholders (the “AGM”) at Level 39, Tower A, AVIC Zijin Plaza, Siming District, Xiamen, Fujian Province, China, on December 30, 2019 at 11:00AM (Beijing / Hong Kong Time). No proposal will be submitted to shareholders for approval at the AGM. Instead, the AGM will serve as an open forum for shareholders and holders of the Company’s ADSs to discuss the Company’s affairs with management. The chairman of the AGM will conduct and lead the AGM and may accept questions from shareholders at his sole and absolute discretion.

The board of directors of the Company has fixed the close of business on December 6, 2019 (Eastern Standard Time) as the record date (the “Record Date”) for determining the shareholders entitled to receive notice of and attend the AGM or any adjournment or postponement thereof.

Holders of record of the ordinary shares, par value US$0.0001 per share, of the Company (the “Ordinary Shares”), at the close of business on the Record Date are entitled to attend the AGM and any adjournment or postponement thereof in person.

The notice of the annual general meeting is available on the Company’s website at http://ir.qudian.com. The Company filed its annual report on Form 20-F for the fiscal year ended December 31, 2018 with the U.S. Securities and Exchange Commission (the “SEC”) on April 15, 2019. Holders of the Ordinary Shares and the Company’s American depositary shares may obtain a copy of the Company’s annual report on Form 20-F, free of charge, from the Company’s website at http://ir.qudian.com, or from the website of the U.S. Securities and Exchange Commission at http://www.sec.gov, or by contacting Qudian at Level 39, Tower A, AVIC Zijin Plaza, Siming District, Xiamen, Fujian Province, China, attention: Mr. Ben Zhao, email: [email protected].

 

SOURCE Qudian Inc.

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World 50 Group Announces Winners for the 2024 I&D Impact Awards, Recognizing Workplace Excellence in Diversity, Equity, and Inclusion

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ATLANTA, March 28, 2024 /PRNewswire/ — World 50 Group, the global community of business leaders from the most respected and influential companies, is delighted to announce the winners of the 2024 Inclusion & Diversity (I&D) Impact Awards. Now in its second year, the I&D Impact Awards spotlight the remarkable strides organizations have taken to create more equitable workplaces and communities around the world.

The winners were unveiled last night at the I&D Impact Awards ceremony in Miami, where hundreds of global executives from leading organizations gathered to celebrate outstanding achievements, advancements, and progress in DEI. Partners of the I&D Impact Awards, including Amazon, Best Buy, Cognizant, Joshin, RHR International, and SLB—all esteemed World 50 member companies and DEI champions—joined in the festivities.

“The 2024 I&D Impact Awards once again underscore the steadfast commitment of today’s leading companies to building a brighter future for us all,” said Jennifer Bird Newton, World 50’s chief impact officer. “We are in a pivotal moment for DEI. The significance of coming together to acknowledge our achievements—without resting on our laurels—cannot be overstated. Last night’s festivities served as a powerful reminder of the impact of collective action, and we extend heartfelt congratulations to this year’s winners.”

Chosen from a competitive pool of more than 140 entries from 74 unique organizations, the 2024 I&D Impact Awards winners represent leaders from diverse industries, spanning nine categories:

  • I&D Ally Award: Ferrero
  • Transparency Award, in partnership with Best Buy: Rio Tinto
  • Innovation Award, in partnership with Amazon: Victoria’s Secret & Co.
  • Gender Equality Award: Kimberly-Clark
  • I&D Team of the Year, in partnership with Cognizant: Inizio Evoke
    • Highly commended: Humana
  • I&D Leader of the Year, in partnership with RHR International: Lydia Smith, Chief Diversity Officer, Victoria’s Secret & Co.
    • Highly commended: Sherri Neal, Chief Diversity Officer, HCA Healthcare
  • Community Impact Award: Amazon
  • Inclusion Award, in partnership with Joshin: EY
    • Highly commended: Union Pacific
  • I&D Impact Award, in partnership with SLB: Cummins
    • Highly commended: Cargill

The winners were meticulously chosen by a panel of esteemed, independent judges comprising 24 top DEI executives from leading organizations, including AstraZeneca, Discover, Cognizant, Hilton, Lenovo, Mars, MetLife, and Warner Bros. Discovery, among others.

“Witnessing the passion, creativity, and impact of these winning initiatives reignites my belief in the power of inclusion to reshape our future,” said Crystal Andrew Banks, global head of diversity, equity, inclusion, and belonging at The Kraft Heinz Company. “Bravo to all companies that submitted a nomination, and let’s keep pushing boundaries together.”

Earl Newsome, chief information officer at Cummins, added: “Each submission showcased the beauty of creating diverse, equitable, and inclusive workplaces. Every entrant should take pride in the impact they are making.”

The I&D Impact Awards serve as a cornerstone of the World 50 I&D Impact Community, one of the largest groups of global DEI leaders in the world. Members convene regularly to exchange best practices and amplify what works when advancing DEI initiatives across the organization. Participation is complimentary for heads of DEI at World 50 member companies.

Learn more about the World 50 I&D Impact Awards—and how to get involved in 2025—here.

About World 50 Group
Leaders of the world’s most respected companies join World 50 to learn from one another. More than 4,800 global CEOs, board directors, and senior executives across every function—from 40 countries across six continents—trust the World 50 community for insights that deliver impact at scale.

World 50 is the safe space to exchange ideas, navigate complex challenges, and evolve as a leader. Members are at the forefront of transformation, leading organizations with a total market cap exceeding $34 trillion and more than 37 million employees worldwide.

To learn more about membership and request an invitation, visit world50.com.

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ICIS and Base Oil News Announce Partnership to Enhance Market Insights

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LONDON, March 28, 2024 /PRNewswire/ — ICIS, a global source of commodity intelligence, is pleased to announce a strategic partnership with Base Oil News, a premier news outlet founded by industry expert Iain Pocock that provides in-depth coverage of the base oils and lubricants market. This collaboration marks a significant milestone in the dissemination and exchange of critical market data and insights.

With more than two decades of journalism experience at Bloomberg, Reuters, and Argus Media, Iain Pocock brings unparalleled expertise to this partnership. His deep understanding of illiquid energy markets makes him a credible and influential figure in the industry. Since November 2023, Iain has been working closely with ICIS to share and exchange valuable data and insights, enhancing the services both platforms offer to the base oils and lubricants market.

Through the collaboration, Iain integrates ICIS’ extensive content and data resources in Base Oil News market coverage. In return, he contributes market insights to ICIS News, including expert and exclusive analysis of supply and demand dynamics, price margins, and other critical market drivers. This exchange ensures that subscribers of both ICIS and Base Oil News have access to the most comprehensive, timely, and accurate market information, empowering them to make informed decisions.

“It’s a very exciting partnership – where we leverage each other’s strengths and provide actionable insights to our customers,” said Iain Pocock, Founder of Base Oil News. “The market is the winner.”

“As ICIS is already the world’s most trusted pricing benchmark for base oils, this collaboration with Iain Pocock and Base Oil News provides an even stronger and deeper service to our customers,” said Stephen Burns, Editorial Director at ICIS. “Iain’s expertise and extensive industry connections are invaluable, and we have established a fruitful partnership that benefits the market at large.”

For the latest insights from Iain Pocock on ICIS News, visit ICIS News.  

About ICIS

ICIS – Independent Commodity Intelligence Services – helps businesses through seamlessly delivering data and analytics, across the chemical, fertilizer and energy markets. A trusted source and benchmark for price information and insight across key commodities markets worldwide. Our independent, transparent market intelligence informs thousands of quality decisions every day, taking the pressure out of negotiations and giving customers space for more innovative thinking, through published datasets including price assessments, price forecasts, supply and demand fundamentals and more.

Over 150 years of shaping the world by connecting markets to optimise the world’s valuable resources. With a global team of more than 600 experts, ICIS has employees based in London, New York, Houston, Karlsruhe, Milan, Mumbai, Singapore, Guangzhou, Beijing, Shanghai, Dubai, Sao Paulo, Seoul, Tokyo and Perth.

ICIS is part of RELX, a FTSE15 company with a market cap of £64bn and an employee base of over 30,000 experts across 40 countries.

About RELX

RELX is a global provider of information and analytics for professional and business customers across industries. The Group serves customers in more than 180 countries and has offices in about 40 countries. It employs approximately 30,000 people of whom almost half are in North America. RELX PLC is a London listed holding company which owns 52.9% of RELX Group. RELX NV is an Amsterdam listed holding company which owns 47.1% of RELX Group. The shares are traded on the London, Amsterdam and New York Stock Exchanges using the following ticker symbols: London: REL; Amsterdam: REN; New York: RELX and RENX. Total market capitalisation is approximately £64bn | €75bn | $81bn.

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Bybit Web3 Announces “Mantle Sharding With Ethena” Campaign

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DUBAI, UAE, March 28, 2024 /PRNewswire/ — Bybit, one of the world’s top three crypto exchanges by volume, is thrilled to announce a campaign in collaboration with Mantle Network: Mantle Sharding With Ethena. This exciting event offers $MNT holders the opportunity to earn a share of a massive 2.5 billion Ethena Shards.

Lock In $MNT and Earn mShards

The official lock-in period for the Mantle Sharding With Ethena campaign runs from March 27, 2024, 10:00 AM UTC to April 26, 2024, 10:00 AM UTC. During this time, Bybit Web3 users can lock in their $MNT tokens to earn coveted mShards. These mShards, fully backed by the Mantle Treasury, can be later redeemed for Ethena’s native token, $ENA.

Maximize Your Rewards and Trade mShards Across DeFi dApps

For maximum reward potential, users are encouraged to keep their $MNT locked throughout the entire campaign period. Rewards are dynamically calculated and updated in real-time based on the total amount of $MNT locked per second by all participants.

Bybit Web3 is proud to be the first ecosystem to enable the trading of Ethena Shards in the form of mShards across various DeFi dApps. This integration marks a significant milestone for Mantle Ecosystem, paving the way for further exciting developments.

Don’t miss this opportunity to earn substantial rewards and contribute to the growth of the Mantle and Ethena ecosystems. For full details and participation instructions, please visit:

https://announcements.bybit.com/en/article/limited-time-offer-lock-in-mnt-and-grab-your-share-of-2-500-000-000-ethena-shards–blt66c8da8bd86d0910/

#Bybit / #TheCryptoArk / #BybitWeb3

About Bybit Web3

Bybit Web3 is redefining openness in the decentralized world, creating a simpler, open, and equal ecosystem for everyone. We are committed to welcoming builders, creators, and partners in the blockchain space, extending an invitation to both crypto enthusiasts and the curious, with a community of over 1 million wallet users, over 10 major ecosystem partners, and counting. 

Bybit Web3 provides a comprehensive suite of Web3 products designed to make accessing, swapping, collecting and growing Web3 assets as open and simple as possible. Our wallets, marketplaces and platforms are all backed by the security and expertise that define Bybit as a top 3 global crypto exchange, trusted by 25 million users globally.

Join the revolution now and open the door to your Web3 future with Bybit.

For more details about Bybit, please visit Bybit Web3.

About Bybit

Bybit is one of the world’s top three crypto exchanges by trading volume with 25 million users. Established in 2018, it offers a professional platform where crypto investors and traders can find an ultra-fast matching engine, 24/7 customer service, and multilingual community support. Bybit is a proud partner of Formula One’s reigning Constructors’ and Drivers’ champions: the Oracle Red Bull Racing team.

For more details about Bybit, please visit Bybit Press.

For media inquiries, please contact: [email protected]

For more information, please visit: https://www.bybit.com

For updates, please follow: Bybit’s Communities and Social Media

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