With 10 million members added in less than a month, Bybit, one of the top three cryptocurrency exchanges by market share, has reached the milestone of 40 million users.
In terms of market share, the cryptocurrency exchange that is one of the few that still provides peer-to-peer trading services in Nigeria lags behind Binance.
Nigerian cryptocurrency enthusiasts announced the milestone on X, along with an infographic that showed Bybit’s progression through the years to reach this new milestone.
Bybit makes a loud announcement, saying, now that we have 40 million users, we are without a doubt the top cryptocurrency exchange. In just ninety days, we added 10 million new users. We are committed to innovation, openness, and fostering the blockchain community. Cheers to cryptocurrency’s future! The creator of Ayo tweeted.
In a previous statement available to BrandSpur digital news platform, co-founder and CEO of ByBit Ben Zhou responded to the milestone by stating that while the astounding 40 million users is a tremendous accomplishment, it also highlights the significant obligation placed on the Bybit team to provide a flawless experience for its consumers.
Among the platform’s noteworthy accomplishments in reaching this milestone are its quick expansion—it added 10 million members in less than a month—and its ranking as the second-largest cryptocurrency exchange in the market by market capitalisation.
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Additionally, the platform boasts an average daily trading volume of US$25 billion. It recently reached an all-time high of US$100 billion, demonstrating the platform’s strong market confidence.
With a 40% global market share, Binance continues to be the largest cryptocurrency exchange by market share, trailing Bybit.
Bybit holds the second position with a 20% global market share.
Bybit has carved out a place for itself by pushing widespread Web 3 adoption, and it also boasts of having 10 million active Web 3 wallets within its ecosystem.
Notwithstanding Bybit’s outstanding results, the cryptocurrency exchange has faced criticism on multiple occasions in Nigeria for having extremely lax regulations with regard to unscrupulous players in the market.
The P2P sector of the Nigerian Web 3 community is beset with con artists and dishonest people who break agreements and make trading cryptocurrencies inherently risky, according to complaints from the community.
It is important to note that Bybit is one of the few cryptocurrency exchanges that has kept a peer-to-peer area on its platform after Binance and other exchanges were targeted and had their peer-to-peer categories removed.
However, Bybit is the preferred exchange for Nigerian cryptocurrency traders and provides choices for cryptocurrency trading on its platform.
