- 1 The secured license will allow Bybit to offer trading and crypto custody services to the user in the region.
- 2 Bybit reduced its number of employees significantly following the collapse of FTX and the resulting market downtrend.
Bybit is globally popular and is one of the 10th most prominent and most used cryptocurrency exchanges. It has secured a license in Cyprus and this will allow the exchange to operate as a trading platform and crypto custody provider in the region.
The exchange has been focusing on global expansion and has secured licenses in numerous countries in the last few months. As per the official press release, securing a license in the concerned region is a step forward for its global expansion.
The recently obtained license will help the exchange to serve more users and tackle and resolve problems in real-time. The information about securing a license came after Bybit announced that it is planning on a Canadian expansion.
Bybit was among the most affected exchanges following FTX’s unprecedented demise. After this incident, cryptocurrency exchange bulls dragged the market into trouble, and over $100 billion of crypto assets were wiped out from the market in just 78 hours.
Sam Bankman-Fried, the co-founder of FTX, is facing dozens of charges globally, and many analysts also claim that Sam was aware of the collapse of his exchange, but instead of finding a way to safeguard customers, he ran away with a considerable amount of assets.
Dozens of crypto exchanges, including Bybit, reduced their workforce following FTX’s failure as the market volatility dragged the services providers into trouble.
Major Market Movements Since Past Few Weeks
Earlier this month, the world’s largest investment institution, Blackrock, filed for Bitcoin ETF, pushing the cryptocurrency’s price to $30k. It was the first time in a while that the BTC price crossed $30k.
According to CoinMarketCap, at press time, BTC was trading at $30,336 with an intraday trading volume of $16 billion. Earlier, Bitcoin was also ranked as the most traded cryptocurrency, but recently, Tether bypassed it and became the most traded digital asset in the crypto market.
Apart from Blackrock, numerous other leading asset managers and institutional investors have filed for Bitcoin ETF.
Earlier on June 22, TheCoinRepublic reported that Prominent exchange-traded funds provider, WisdomTree, is filing to launch its own Bitcoin ETF 1. Dubbed WisdomTree Bitcoin Trust, the BTC ETF will be listed on the Cboe BZX Exchange under the abbreviation, “BTCW.”
The global investment manager, Invesco, with $1.4 trillion assets under management, has also applied for the ETF after failing to receive approval earlier. It applied for the first Bitcoin ETF in 2021 in collaboration with Galaxy Digital.
The involvement of traditional financial giants in the crypto industry makes it clear that decentralized digital assets will replace traditional currency in the future. Many innovations will likely occur if a decentralized system replaces the traditional banking system.
The views and opinions stated by the author, or any people named in this article, are for informational ideas only and do not establish financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.
Andrew is a blockchain developer who developed his interest in cryptocurrencies while pursuing his post-graduation major in blockchain development. He is a keen observer of details and shares his passion for writing, along with coding. His backend knowledge about blockchain helps him give a unique perspective to his writing skills, and a reliable craft at explaining the concepts such as blockchain programming, languages and token minting. He also frequently shares technical details and performance indicators of ICOs and IDOs.