Bybit, one of the top three cryptocurrency exchanges by market share, has reached a major milestone of 40 million users, gaining 10 million new users in less than a month. The platform, which still offers Peer-to-Peer (P2P) trading services in Nigeria, now ranks just behind Binance in global market share.
Celebration and Reflection on Bybit’s Growth
Nigerian crypto enthusiasts shared the achievement on X, highlighting Bybit’s rapid growth and success over the years. Ayo Creator tweeted about the milestone, emphasizing Bybit’s commitment to innovation, transparency, and the blockchain community.
Bybit’s Impressive Market Position and Features
Bybit’s co-founder and CEO, Ben Zhou, acknowledged the accomplishment as monumental, noting the responsibility to continue providing a seamless user experience. The exchange boasts an average daily trading volume of $25 billion and recently hit an all-time high of over $100 billion, reflecting strong market confidence.
Bybit’s Standing in the Global Market
With a global market share of 20%, Bybit remains the second-largest crypto exchange, following Binance, which leads with a 40% share. Bybit has also carved out a niche in the Web 3 space, boasting 10 million active Web 3 wallets within its ecosystem.
Bybit’s Presence and Challenges in Nigeria
In Nigeria, Bybit has faced criticism for having weak safeguards against bad actors in its P2P trading section. The Nigerian Web 3 community has raised concerns about the prevalence of scammers on the platform. Despite these challenges, Bybit remains a preferred exchange for Nigerian crypto traders, especially after other exchanges like Binance removed their P2P categories following regulatory crackdowns.
Key Points to Note
Bybit continues to operate a P2P section on its platform, distinguishing it from other exchanges that have delisted this feature. It remains a top choice for crypto trading in Nigeria, offering various trading options that cater to the local market.
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