Crypto Exchange Bybit Debuts Launchpad Platform
- The first token to list on the launchpad will be BitDAO’s native BIT.
- Bybit Launchpad news came just hours after the exchange announced it will wind down its presence in South Korea.
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Cryptocurrency derivatives exchange Bybit announced the launch of its token launch platform called Bybit Launchpad. According to a press release published on 17 September, the Launchpad was designed to help connect innovative crypto projects and users interested in gaining early exposure to those DeFi protocols.
Bybit Launchpad is already available to the exchange’s users who have completed the first level of Bybit’s KYC, which ensures compliance with local regulatory requirements. Ben Zhou, the Co-Founder and CEO of Bybit, said the goal of the platform was to shine a light on promising projects and bring game-changing innovations to a wider audience.
“We at Bybit are constantly inspired and amazed by the intrepid and imaginative experimentation in the crypto space and the talented and committed folks working for a better future of finance,” he said in the company’s press release.
The first token to list on Bybit Launchpad is BIT, the native cryptocurrency of BitDAO, which is currently one of the largest decentralized autonomous organizations (DAOs) on the market and is supported by industry leaders Peter Thiel, Pantera, SushiSwap, Polygon, Dragonfly, Alan Howard, and others.
As an initial proponent of BitDAO, Bybit pledged to contribute 2.5 basis points of futures trading volume to BitDAO’s treasury. At 2021 rates, the contribution is projected to exceed $1 billion per year. The BitDAO treasury balance currently stands at over $520 million, the company said in the press release.
Bybit’s debut of its new launchpad platforms comes just hours after the company announced it will begin winding down its presence in South Korea due to regulatory pressure. In a blog post published on 17 September, the company said it will discontinue Korean language support from its platforms and its official South Korean community on social media.
“Bybit does not support any Korean won markets, such as won denominated trading pairs, payments, or transactions. All other services shall remain functional,” it said in the blog post.
- One of the largest South Korean commercial banks, KEB Hana Bank, partnered with crypto custodian BitGo in order to set up a new crypto custody venture in the country.
- The new venture, which will use BitGo’s crypto security expertise and Hana’s experience in financial services and compliance, is expected to launch in the second half of 2024.
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- The new license allows Bybit to offer its full suite of crypto services to users from the third most populous island in the Mediterranean Sea.
- It not only helped the exchange expand its global presence, but also showed its commitment to compliance with local rules.
- Bybit is the latest exchange following Binance and OKX to announce its departure from the Canadian market due to “recent regulatory development”.
- Canadian nationals will no longer be able to open new accounts starting Wednesday, while existing users have until 30 September to withdraw their assets from the platform.