Bybit's Rapid Growth Continues: Userbase Up 104% in 2022

Singaporean crypto exchange Bybit said its user base had grown 104% since last year, according to an official blog post published today. The company also plans to launch several new products in 2023, including the Unified Trading Account (UTA) and Bybit Card.

Bybit Serves 10 Million Users Across 160 Countries

Crypto exchange Bybit saw its user base grow by a whopping 104% since last year, the company announced in a blog post on Thursday. The crypto bourse hit 10 million users across more than 160 countries in August 2022, it added.

Bybit said it significantly improved its efficiency and speed, with its spot, derivatives, and options platforms now boasting full process latencies of 20ms, 10ms, and 10ms, respectively. The platform can also handle as many as 135,000 transactions per second (TPS), it said in the blog post.

“We have also decreased our website load time by 48.3% and enhanced our charting capabilities so you can enjoy a faster, smoother, and seamless trading experience.”

Bybit Next Level: 2022, It’s a Wrap!

The crypto exchange claims 95% of its app users now experience a latency of below 400ms, while more than 50% of users use the app with a latency of less than 200ms.

Bybit’s fiat platform, introduced last year, boasts 55 different currencies and as many as 547 payment methods. The platform reached a daily record 41,000 fiat transactions with a trading volume of $13,000,000.

Users can purchase more than 20 different cryptocurrencies on the platform with 32 fiat currencies using their credit cards. Bybit’s native token BIT is up more than 3% in the past 24 hours.

Bybit evolved from a derivatives trading platform to a comprehensive exchange after expanding into spot, futures, and options markets. The crypto exchange claims its spot market share skyrocketed almost 370% in 2022, with an average trading volume of $3.4 billion.

New Year, New Products

Going forward, Bybit is planning to launch several new products in 2023. In the coming months, the company will roll out Unified Trading Account (UTA) solution, allowing users to trade spot, perpetual, and options contracts from a single subaccount.

Furthermore, Bybit is set to unveil the Bybit Card, which will let traders automatically convert their crypto assets into fiat. The card will also feature “exclusive perks such as high rebate rates for all your transactions, NFTs, and tickets to our partnership teams like Oracle Red Bull Racing and Borussia Dortmund.”

Bybit is now ranked 9th among the world’s top crypto exchanges on CoinMarketCap. Binance continues to dominate the crypto bourse market as it expands into new regions.

This article originally appeared on The Tokenist

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