According to an official blog post published today, Bybit said its user base grew 104% since last year. The company also plans to launch several new products in 2023, including the Unified Trading Account (UTA).
Across 160 countries, Bybit serves 10 million users
According to a blog post published on Thursday, Bybit’s user base has grown by 104% since last year. It has now reached 10 million users across 160 countries.
As a result of Bybit’s improvements in efficiency and speed, its spot, derivative, and options platforms now have full process latencies of 20 milliseconds, 10 milliseconds, and 10 milliseconds, respectively. According to the blog post, the platform can handle 135,000 transactions per second (TPS).
More than 50% of users experience a latency of less than 200ms when using the crypto exchange’s app, while 95% experience a latency of less than 400ms.
Last year, Bybit debuted its fiat platform with 55 currencies and 547 payment methods. The platform reached a daily record of 41,000 fiat transactions with a trading volume of $13,000,000.
With Bybit’s platform, users can purchase more than 20 different cryptocurrencies using 32 fiat currencies. Bybit’s native token BIT is currently up more than 3%.
Since expanding into spot, futures, and options markets, Bybit evolved into a comprehensive exchange. The crypto exchange claims its spot market share skyrocketed almost 370% in 2022, with an average trading volume of $3.4 billion.
A New Year, a New Product
It is expected that Bybit will launch several new products in 2023, including its Unified Trading Account (UTA) solution, which allows users to trade spot, perpetual, and options contracts from one account.
Moreover, Bybit is set to unveil the Bybit Card, which will allow traders to automatically convert crypto assets into fiat. In addition, the card will come with “exclusive perks like high rebate rates on all your transactions, NFTs, and tickets to Oracle Red Bull Racing and Borussia Dortmund.”
As Binance expands into new regions, Bybit now ranks 9th among the world’s top crypto exchanges on CoinMarketCap.