Fintech PR

Bybit and DMCC Continue to Trailblaze the Future of Crypto and Web3

Published

8 months ago

February 13, 2024

bybit-and-dmcc-continue-to-trailblaze-the-future-of-crypto-and-web3

DUBAI, UAE, Feb. 13, 2024 /PRNewswire/ — Bybit, one of the world’s top three crypto exchanges by volume, is proud to announce upcoming events as part of its partnership with DMCC (Dubai Multi Commodities Centre), which has been a driving force in shaping the future of the crypto and Web3 landscape, after the signing of a Memorandum of Understanding (MOU) in June 2023.

A Look Ahead

Bybit and DMCC are set to host a special side event in April, during the Token 2049 in Dubai, marking Dubai’s ascent as a hub for digital assets. DMCC will also play a key role in Bybit’s fifth “Let Web3 Happen in Dubai” series on Feb. 19, delving into legal compliance, Decentralized Autonomous Organizations (DAOs), and Real World Assets (RWA). The partnership between Bybit and DMCC aims to elevate Dubai’s status as a global leader in blockchain and Web3 innovation, providing support and resources to industry pioneers.

Crypto Academy: Elevating Blockchain Education

In 2023, we set a new benchmark in blockchain education with the launch of the DMCC x Bybit Masterclass, offering unparalleled entrepreneurial guidance. This year, we’re taking a giant leap forward with the introduction of the Bybit Web3 Academy. We’re excited to extend an invitation to DMCC to collaborate once more on this pioneering educational initiative.

MENA’s Largest Hackathon

Over the course of the partnership, Bybit has been DMCC’s strategic partner, directing a plethora of projects over the past year. One remarkable occasion was the “Web3 Unleashed: Crypto Innovation Challenge” hackathon in November — the largest of its kind in the MENA region and featured a $100,000 prize pool. From over 100 applicants, 10 teams showcased their innovations, covering GameFi, decentralized finance (DeFi), Web3 infrastructure, Web3 Education, and sustainable blockchain solutions during the hackathon’s final stage.

Showcasing Web3

In October 2023, at the Future Blockchain Summit in Dubai, Bybit and DMCC’s booth was more than just a display; it was a window into the concept of The Crypto Ark, where anyone who wants to be part of Web3 can find a home. Their shared space was a tangible representation of two titans in the crypto realm.

Supporting Innovation

Financial support was another cornerstone of this partnership, with Bybit committing AED 500,000 to aid 15 emerging crypto businesses. Four companies have already been connected through DMCC, with collaboration and support processes well underway. The “Web3 Unleashed: Crypto Innovation Challenge” epitomized the partnership’s impact, drawing in over 100 applicants, shortlisting 10 for the final demo day, and selecting three winners to share a prize pool sponsored by Bybit and other partners.

Ben Zhou, co-founder and CEO of Bybit, reflected on the partnership’s success, stating, “Our joint efforts with DMCC have laid the groundwork for future crypto innovators. We’ve seen firsthand the impact of fostering a supportive ecosystem where emerging talents can thrive. Bybit is committed to continually setting the stage for the next generation of crypto projects.”

#Bybit / #TheCryptoArk / #BybitDMCC

About DMCC

Headquartered in Dubai, DMCC is the world’s most interconnected Free Zone, and the leading trade and enterprise hub for commodities. Whether developing vibrant neighborhoods with world-class property like Jumeirah Lakes Towers and the much-anticipated Uptown Dubai, or delivering high performance business services, DMCC provides everything its dynamic community needs to live, work and thrive. Made for Trade, DMCC is proud to sustain and grow Dubai’s position as the place to be for global trade today and long into the future. www.dmcc.ae

About Bybit

Bybit is one of the world’s top three crypto exchanges by volume with 20 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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Fintech PR

Bybit Receives Full License in Kazakhstan

Published

5 hours ago

September 27, 2024

CISION (PR Newswire)

bybit-receives-full-license-in-kazakhstan

DUBAI, UAE, Sept. 27, 2024 /PRNewswire/ — Bybit, the world’s second-largest cryptocurrency exchange by trading volume, is excited to announce that it has been granted a full license by the Astana Financial Service Authority (AFSA). This significant milestone enables Bybit to operate as a fully authorized market institution in Kazakhstan, marking another step in the company’s global expansion.

Under full authorization from AFSA, Bybit Kazakhstan will offer a comprehensive range of services, including operating a digital asset trading facility, providing custody, dealing in investments as both an agent and principal, and managing investments. Bybit’s new licensing opens many opportunities for users in Kazakhstan and the broader Commonwealth of Independent States (CIS) region.

“Kazakhstan has become a key player in the global crypto ecosystem, and we are thrilled to be expanding our services in such a dynamic market,” said Ben Zhou, co-founder and CEO of Bybit. “With this full license, we are committed to bringing our cutting-edge technology, security, and transparency to crypto traders in Kazakhstan, ensuring they can access the best possible tools and services to thrive in this fast-growing industry.”

With this license, Bybit Kazakhstan will now offer various products, including spot and derivatives trading, margin trading, and crypto loans. The Bybit Kazakhstan website, under the domain “bybit.kz,” is scheduled to launch in mid-October 2024. The expansion into Kazakhstan aligns with Bybit’s mission to provide reliable and transparent services, catering to the unique needs of crypto traders and investors in the region.

This new chapter for Bybit in Kazakhstan solidifies the company’s commitment to fostering innovation and growth within the global cryptocurrency landscape. With a fully regulated platform, Bybit is poised to deliver enhanced services that meet the highest standards of compliance and security. Bybit looks forward to building strong relationships with traders in Kazakhstan and across the CIS region, empowering them to navigate the dynamic world of digital assets with confidence.

#Bybit / #TheCryptoArk

About Bybit

Bybit is the world’s second-largest cryptocurrency exchange by trading volume, serving over 50 million users. Established in 2018, Bybit provides 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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Fintech PR

Crypto Derivatives Market Rebounds Amid Positive Sentiment, Bybit x Block Scholes Report Finds

Published

9 hours ago

September 27, 2024

CISION (PR Newswire)

crypto-derivatives-market-rebounds-amid-positive-sentiment,-bybit-x-block-scholes-report-finds

DUBAI, UAE, Sept. 27, 2024 /PRNewswire/ — Bybit, the world’s second-largest cryptocurrency exchange by trading volume, in collaboration with Block Scholes, a renowned quantitative finance firm, has released its latest crypto derivatives analytics report. The report provides a comprehensive analysis of the crypto market’s response to the Federal Reserve’s recent rate cut and highlights key trends in futures, options, and perpetual contracts.

Following the 50 basis point rate cut on September 18, 2024, both spot and derivatives markets have exhibited positive sentiment. Bitcoin (BTC) and Ethereum (ETH) have seen price increases, while open interest in futures and perpetual swaps remains high. Funding rates have generally been positive, and BTC call open interest has gradually risen. Additionally, the volatility smile has expanded for both BTC and ETH calls, indicating increased investor optimism.

Key Findings from the Report:

Futures Market: While futures trade volumes have declined, open interest remains resilient, suggesting traders are maintaining their positions.
Perpetual Swaps: Perpetual swap open interest and trading volumes have remained relatively stable, indicating consistent trader activity.
Options Market: BTC options activity has favored puts over calls, but open interest for calls is slowly recovering. Implied volatility for short-tenor options has fallen since the Fed’s rate cut, indicating growing bullish sentiment.

Bybit remains committed to providing its users with comprehensive market analysis and tools to help them make informed trading decisions.

For more information and to download the full report, please visit: https://learn.bybit.com/crypto-insights/bybit-x-block-scholescrypto-derivatives-analytics-report-sep-25-2024/

#Bybit / #TheCryptoArk

About Bybit

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Fintech PR

NPCI International to Develop UPI-like Real-Time Payments Platform in Trinidad and Tobago

Published

11 hours ago

September 27, 2024

CISION (PR Newswire)

npci-international-to-develop-upi-like-real-time-payments-platform-in-trinidad-and-tobago

Agreement signed with the Ministry of Digital Transformation, Trinidad and Tobago
Marks an important step in expanding India’s digital public goods initiative globally

MUMBAI, India, Sept. 27, 2024 /PRNewswire/ — NPCI International Payments Limited (NIPL) has entered into a strategic partnership with the Ministry of Digital Transformation (MDT) of Trinidad and Tobago, to develop a real-time payments platform similar to India’s ‘Unified Payments Interface‘ (UPI). This collaboration marks a significant milestone, making Trinidad and Tobago the first Caribbean nation to adopt the globally renowned UPI. This builds on the strong, longstanding bilateral ties between the two countries.

This strategic partnership aims to empower Trinidad and Tobago to establish a reliable and efficient real-time payments platform for both person-to-person (P2P) and person-to-merchant (P2M) transactions, expanding digital payments in the country and fostering financial inclusion. By leveraging technology and experiences from India’s UPI, the partnership seeks to assist Trinidad and Tobago in modernising its financial ecosystem. This involves enhancing accessibility, affordability, connectivity with domestic and international payment networks in the times to come and ensuring interoperability.

UPI has emerged as a transformative force in India’s financial landscape, registering nearly 15 billion transactions in August 2024, with an estimated value of USD 245 billion. Through strategic collaborations with foreign central banks and governments, NIPL is committed to advancing India’s digital public goods across the globe.

Speaking on the development, Mr. Ritesh Shukla, CEO, NPCI International, said, “Trinidad and Tobago is taking significant steps towards advancing its financial infrastructure, and we are proud to support them in building a secure, sovereign, and scalable payments platform. Our experience with UPI in India has demonstrated how real-time payments can transform economies, by improving access to essential financial services and reducing reliance on cash. We look forward to working closely with the Ministry of Digital Transformation and the Central Bank in Trinidad and Tobago.”

Spokesperson of Ministry of Digital Transformation, Trinidad and Tobago, said, “It is with great anticipation that the Ministry of Digital Transformation and the Ministry of Finance embark on this significant engagement with NIPL to implement a digital payment system for Trinidad and Tobago. Fashioned on India’s UPI, the digital payment platform will facilitate innovation in the Fintech sector, enhance the technical resiliency of the current payment infrastructure by providing a complementary, non-competing digital payments platform with increased security through the reduced use of cash. Moreover, successful implementation will contribute to the financial inclusion of our unbanked citizens. We extend sincere thanks to the Central Bank of Trinidad and Tobago, which continues to be a strategic partner and stakeholder in this important initiative. We look forward to the partnership with NPCI International, as we actively seek to transform the existing payments landscape and establish a modern digital payments ecosystem.”

For more details about NPCI International, click here.

For queries: [email protected]

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