Inside Bybit: Bybit’s Bi-Annual Transparency Report

Since its inception in 2018, Bybit has become a trusted and reliable crypto exchange for millions of users. Our platform is designed to empower crypto believers with advanced tools and opportunities to unleash their full potential and thrive in the world of Web3. According to Coinmarketcap, Bybit has earned the distinction of being the third largest crypto exchange for derivatives and the fifth largest for spot in terms of trading volume, with an impressive A rating based on liquidity, qualifications, and risk management.



At a glance, we would like to share with you the following key highlights: 



Unprecedented Web Traffic: March 2023 had the highest traffic at a staggering 20.71 million visits to our website, an increase of 34.5% from February 2023. 



*Source: Bybit. Data valid as of June 2023.



Empowering User Activity: Our platform experienced impressive APP user engagement, with an average of 1.95 million Monthly Active Users (MAU).

*Source: Bybit. Data valid as of June 2023.



Unleashing Trading Volume: In Q1 2023 alone, our trading volume reached an astounding 2,491 billion, with futures trading accounting for a remarkable 93% of volume. 

*Source: Bybit. Data valid as of June 2023.



Most Popular Pair: When it comes to derivatives trading, the BTC USDT pair took the lead with a remarkable 1.7 million trades, while in the spot market, it recorded 3.5 million trades. 



• Expanding Crypto Universe: In the derivatives market, we listed 52 new coins, and in the spot market, we welcomed 138 new coins.



• Trending Coins: The top 5 most traded coins on our platform were ARB, SUI, APT, AGLA, BLUR.



• Social Media Sensation: Our social media engagement skyrocketed from 15.08 million to a staggering 160 million engagements. 



• Building Global Connections: We officially opened our Dubai office as global HQ on April 17, 2023, at the Dubai World Trade Center and will continue to grow the Crypto Ark with new prestigious partnerships in the region. 



Let’s dive deeper! 



Bybit Social Presence in Numbers



Among the Top Three Most Engaged Brands



Bybit established as the third most engaged brand across Facebook, Twitter and Instagram. 

• Bybit's posts were shared a total of 831.27k times. 

• Cumulative posts, likes, and reactions reached 1.23 million. 



The top tweet? ‘what’s the first #crypto you’ve bought’ resonated with like minded crypto enthusiasts and crypto curious.





Bybit’s products and campaigns also took the center stage while riding on the World Cup fever – Medieval launchpad, Copy Trading & Crypto Cup Campaign achieved 68.54k total engagements & 1.92m total impressions in total.





Top Three in Follower Growth Rate



Bybit's follower base reached 3.85M across Twitter, Facebook, Instagram, LinkedIn, TikTok & YouTube, ranking as the third fastest-growing exchange. This achievement is a testament to our expanding reach and growing community support.



*Source: Bybit. Data valid as of June 2023.



Hearing from Bybit and our friends 



In Q1 2023, our Twitter Spaces efforts soared, collaborating with crypto projects to boost community engagement. Twitter Spaces garnered a total of 168k engagements and 2.67m impressions.



Last quarter, Bybit’s Share of Voice (SOV) rose to the second-place position in the market as we dived deeper into popular topics, actively engaging with our community on memecoins, exciting new listings and celebrating the iconic BTC Pizza Day. 



Strong Net Sentiment Score



In spite of the market downturns last year, our net sentiment score remained strong at 14.69 in Q4 2022. 



We consistently built trust and reliability with our users, resulting in a very healthy ratio that reflects our continued commitment to our community. 

*Source: Bybit. Data valid as of June 2023.



Dubai Headquarters Unveiled



Bybit has recently announced the grand opening of its global headquarters in Dubai, a significant milestone for the company. With 15 million users worldwide, a 50% increase in user base in 2023, Bybit has become the second largest crypto exchange in the Middle East and North Africa (MENA) region, and it aims to further enhance its global presence by solidifying its position in the region.



The grand opening of Bybit's global headquarters in Dubai marks a significant step in the company's expansion plans. Bybit has solidified its commitment to the region by establishing three new partnerships, which serve to enhance its credibility within the UAE. By capitalizing on Dubai's favorable business environment and strengthening its foothold in the MENA region, Bybit is poised to further accelerate its growth and contribute to the development of the global cryptocurrency market.



New Partnerships



Bybit x Franck Muller





With a shared vision of bridging the gap between Web2 and Web3, Bybit’s partnership with Franck Muller is committed to working towards keeping customers ahead in the rapidly evolving digital landscape. Bybit plays a crucial role by providing the necessary tools and support for a seamless entry into cryptocurrencies and decentralized technologies. Planned collaborations between Franck Muller and Bybit include an NFT launch, a co-branded card, and the future utilization of Bybit's Web3 Wallet for purchases on Franck Muller's website. Together, they aim to empower users and enable them to embrace the opportunities presented by the Web3 era.



Bybit x Dubai Multi Commodities Centre (DMCC)





Bybit has solidified its position as an official Ecosystem Partner for the DMCC Crypto Centre, reinforcing its commitment to the growth of the crypto industry. With a focus on nurturing the development of 15 new web3 companies in Dubai, Bybit is providing crucial support with an 500,000 AED sponsorship contribution. In addition, Bybit is driving positive change in the crypto space by organizing hackathons and training courses, fostering innovation and skill-building. Together this collaboration promotes knowledge sharing and capacity building through webinars and educational courses, ensuring individuals have access to valuable insights and resources. 



User Protection and Security



Bybit regularly conducts Proof of Reserves audits to demonstrate its commitment to transparency and secure user funds. 



Bybit has expanded the scope of its audits to include 20 additional tokens and the expanded audits encompass popular tokens such as Ethereum, Ripple, Litecoin, and Bitcoin Cash, among others.

Bybit's enhanced Proof of Reserves process verifies token balances and ownership, aligning them with user liabilities for increased confidence in platform security. These comprehensive audits set a new industry standard, demonstrating Bybit's commitment to transparency and user responsibility. Accounting firms thoroughly examine reserves, confirming asset-liability alignment through rigorous reconciliation and balance verification.



The results of the Proof of Reserves audits are published on our website at https://www.bybit.com/app/user/proof-of-reserve, and can be accessed by users, regulators, and the wider public. By making this information readily available, Bybit promotes transparency and accountability, providing users with the confidence that their funds are properly safeguarded.



New Products



Don't miss Ben's keynote on July 6, 2023, where we'll unveil Bybit's impressive developments. In just 40 minutes, we'll showcase major milestones, including new products like the Bybit card for easy crypto spending, a demo trading feature, an upgraded P2P hot swap, and a revamped copy trading system.



Mark your calendars for July 6, 2023, at 8AM UTC, and join us for an unforgettable keynote where you'll get an exclusive first look at these groundbreaking products. It's an opportunity you don't want to miss!



Register now to secure your spot and be among the first to interact with Ben directly and win attractive prizes:







Final Reflections



Today, Bybit HQ stands as an open hub, united in connecting and scaling the crypto community. With significant progress in 2023 thus far including millions of website visits, strong partnerships and growing trading volume, Bybit is at the forefront of the crypto revolution. Backed by significant achievements this year, Bybit’s exceptional performance propagates its position as a reputable crypto ark, propelling the future of the digital economy, empowering users and nurturing the next generation of web3 technologists.