Bybit was launched in March 2018 and after another bumper year, we have decided to publish a review of everything that has happened in the last 12 months showing how we have become one of the world’s fastest growing crypto platforms.
Last year, we grew from a derivatives only trading platform to a full cryptocurrency marketplace, leading to a fivefold increase in our user base across more than 150 countries. Now, we serve not just traders but all crypto lovers.
In the space of mere months, Bybit launched Spot Trading, Launchpad, Institutional Services, VIP Program, and scored a multi-year partnership with Oracle Red Bull Racing, this partnership marks the largest per annum deal of crypto’s foray into sports. An incredible trajectory given the platform started as a derivatives exchange in 2018 with only three trading pairs.
To date, Bybit has achieved 99.9% uptime and with one of the highest open interests and lowest slippages, has become the choice of crypto enthusiasts from beginners to professionals. Traders, in particular, enjoy our throughput rate that can handle up to 100,000 transactions per second.
And, with 24/7 customer support in multiple languages, no one is left out of our pledge to Listen, Care and Improve.
It’s been a record-breaking year for Bybit’s liquidity volume and our superior tech.
- Bybit hit an all-time high of over $1.7 trillion in overall trading volume in Q3 2021 — a sum equal to the GDP of Canada
- Our average 24-hour trading volume in 2021 was over $11.8 billion
- Our highest daily trading volume was more than $76 billion, achieved on May 19, which is enough money to buy 326,000 Lamborghini Spyder sports cars
- On average, Bybit handled over 30,000 transactions per second in 2021
We’ve had a bumper year for user growth too.
- In 2021, Bybit saw an average of about 75,000 users logging in each day, which is a 377% increase from the previous 12 months
- The peak number of users in a single day was more than 255,000
- Over 4.7 million new users registered accounts with Bybit last year, this is more than the population of Rome — up 435% on the previous 12 months
Last year, Bybit expanded our partnerships with excellent results. Here are some highlights:
- Oracle Red Bull Racing. As part of the deal, Bybit will get brand presence on Oracle Red Bull Racing’s race suits, events, and stunning race cars. Bybit also plans to release Red Bull Racing’s fan token alongside other crypto projects
- Borussia Dortmund. Bybit values talent and commits to building a field where talents can seize the moment and take the opportunity. Since 2020, Bybit has partnered with this legendary soccer team as an exclusive Champion Partner
- Bybit also partnered with top esports teams NAVI, Astralis, Alliance and Virtus.Pro and Japanese professional soccer team Avispa Fukuoka
Last year, Bybit invested about 25% of our budget in security to safeguard our infrastructure — nearly twice the industry average.
- In the last 12 months, we have optimized the software development life cycle by ensuring all projects are heavily de-risked and aligned with security measures through static security scans, dynamic security scans and manual inspections
- We maintained several layers of protection: data layer, application layer, host layer, network layer, and business layer
- We got our response time to potential attacks to less than 10 minutes
To keep up with our exponential growth we grew our team by 300%.
- Since January 2021, Bybit has hired over 1,200 new staff. We now have a total workforce of more than 1,800 from 50 different countries. Our IT and Security teams comprise 40% of this total
- Talent pipeline remains a key development area for our industry. We are an avid supporter of tertiary institutions that offer blockchain opportunities through courses and hackathons. Through event sponsorships, we have witnessed amazing ideas from the young minds and have recruited these bright minds to be part of Bybit’s future
Digital Markets and Regulations
Bybit welcomes regulation and we are keen to work with regulators in all the jurisdictions. Unlike other exchanges, Bybit takes a proactive approach to work with regulators before offering services and products to new markets. In the past months, Australia and Dubai approved us for operation in their jurisdictions. They are big growth markets for us to offer our products as a one-stop crypto destination.
World Series of Trading (WSOT)
Bybit has long been a first mover in esports — so much so we created the world’s first crypto trading competition, our flagship World Series of Trading (WSOT).
- Last year, Bybit’s WSOT saw a record 35,000 entries, up 280% from the previous year
- The massive number of entries drove the prize pool up to a historic $4.09 million — enough to buy 128 Rolex Skydweller watches
- Bybit has quadrupled its WSOT donation to $400,000 in BTC this year to support UNICEF in their efforts to provide STEM education for girls in Vietnam and deliver quality education in East Asia and the Pacific
Developing R&D through DAOs
BitDAO is one of the world’s largest decentralized autonomous organizations (DAOs) supported by Peter Thiel, Founders Fund, Pantera, Dragonfly, Spartan, Bybit, and more. The DAO hopes to support a broad range of projects in the form of research and development, liquidity bootstrapping, and funding, allowing BIT token holders to vote on proposals to foster technologies that present entirely new ways for people to work, engage, and transact together.
- Last year, Bybit pledged recurring contributions to the BitDAO treasury, which at 2021 rates, exceeds $1 billion per year
- BitDAO performed one of the largest DAO swaps ever in November 2021 by
- collaborating with Alameda Research to trade 100 million BIT for 3.36 million FTT — valued at $180 million at the time
P2P Payments and Cabital Integration
We believe it should be simple and safe for our users to buy crypto using their bank accounts.
- We recently established our peer-to-peer (P2P) system, allowing Bybit users to buy and sell USDT using fiat money with no platform or hidden fees
- Bybit has also partnered with Cabital, a leading global digital assets institution allowing users to buy crypto using EUR and GBP seamlessly
As part of our core mission “to care,” Bybit has made strides in its mission to help create a level playing field and be a force for good.
- We created a donation platform in partnership with The Giving Block that connects charities with traders and investors looking to make a difference. Launched on Nov. 18 the feature allows Bybit users to navigate within the exchange, donate to their favorite causes, and receive an automatic email receipt as confirmation of their contribution
- On Aug. 16, we announced our continued partnership with UNICEF that aims to support children’s digital learning. This includes STEAM (Science, Technology, Engineering, Arts and Math) programs in Vietnam and further education programs in East Asia and the Pacific region. Bybit also donated $400,000 in Bitcoin to UNICEF, quadrupling its previous commitment