Bybit one of the top three crypto exchanges by market share has hit a milestone of 40 million users after it acquired 10 million users in less than a month.
The crypto exchange which is still one of the remaining Crypto exchanges offering Peer to Peer trading services in Nigeria trails Binance in the list of top crypto exchanges by market share.
The milestone was shared on X by Nigerian crypto enthusiasts accompanied by an infographic detailing Bybit’s journey through the years to reaching its new milestone.
“Big announcement from Bybit!
We’ve reached 40 million users, solidifying our position as a leading crypto exchange. With 10 million new users in just 90 days, we’re dedicated to innovation, transparency, and supporting the blockchain community. Here’s to the future of crypto! Ayo creator tweeted.
ByBit co-founder and CEO Ben Zhou in an earlier statement reacted to the milestone saying the impressive 40 million users is a monumental achievement but it also underscores the heavy responsibility cast on the Bybit team to deliver a seamless experience for its users.
Some of the key features attained by the platform in its milestone are its rapid growth onboarding 10 million users in less than a month and its position as the second biggest crypto exchange in the industry by Market capitalization.
The platform also boasts an average daily trading volume of US$25 billion, and recently achieved an all-time high of over US$100 billion, reflecting strong market confidence in the platform.
Bybit trails Binance which remains the leading crypto exchange by market share with a global market share of 40%. Bybit comes in at second place with a global market share of 20%.
Bybit also boasts of 10 million active Web 3 wallets within its ecosystem as it carves a niche for itself by driving massive Web 3 adoption.
Bybit in Nigeria
Despite Bybit’s impressive performance, the crypto exchange has come under fire in Nigeria several times for having very porous rules as regards bad actors in the industry.
The Nigerian Web 3 community complains that its P2P section is rife with scammers and bad actors who don’t keep to their side of the bargain and are naturally unsafe for crypto trading.
What to Know
- Bybit is among the remaining crypto exchanges still running a Peer-to-Peer section in its platform following a crackdown on other crypto exchanges like Binance leading to the delisting of their Peer-to-Peer category.
- Bybit also offers options for crypto trading on its platform and is the favorite exchange for Nigerian crypto traders.