On Friday, Singapore-based cryptocurrency exchange Bybit announced its first token. called “$ BIT”, on its Bybit Launchpad platform.
Bybit’s BIT list includes the entry bonuses and free giveaways for attendees. Bybit said the launchpad is open to its users who have completed Know-Your-Client (KYC) L1 to ensure compliance with local regulatory requirements.
The crypto exchange said the launchpad is designed to help connect innovative crypto projects and users who may be interested in engaging with promising projects while protecting users and projects alike.
“At Bybit, we are constantly inspired and amazed by the intrepid and resourceful experimentation in the crypto space and the talented and dedicated people working for a better future of finance,” said Ben Zhou, Co-Founder and CEO of Bybit.
According to the statement, BIT is the native token of BitDAO, one of the world’s largest Decentralized Autonomous Organizations (DAOs) that aims to provide massive financial and talent resources to help DeFi grow.
Bybit is a prime BitDAO advocate and is committed to contributing 2.5 bps of futures trading volume to BitDAO’s treasury. Contribution to rates for 2021 is projected to exceed $ 1 billion per year. BitDAO’s treasury balance is more than $ 540 million as of September 16.
The crypto exchange was founded in 2018 and, according to its official website, offers online spot and derivatives trading services, cloud and DeFi mining products, and API support for institutional and private customers.
Bybit is actively expanding its business into various sectors. Last month, the cryptocurrency exchange platform entered into a three-year collaboration agreement with esports organization Astralis by displaying its logo for publication in hopes of expanding the connection of the cryptocurrency in the esports industry.
Image source: Shutterstock