Bybit introduces new cash transfer features in South Africa's crypto market

Bybit introduces new cash transfer features in South Africa’s crypto market

Time Stamp: October 4, 2023 12:00 AM
  • Bybit intends to launch several crypto derivatives products and fiat on-ramp services within SA’s crypto ecosystem.
  • Bybit Exchange is a derivatives exchange that offers a broader range of tools specifically designed to cater to experienced traders.
  • Bybit’s fiat on-ramp services will allow users to deposit South African Rands conveniently through bank transfers.

Amid Africa’s crypto ecosystem, four major countries have appeared time and time again. South Africa, Kenya, Nigeria, and Egypt have each dominated the crypto market in their respective regions. These four countries are a testament to how cryptocurrency can benefit an individual and potentially benefit an entire economy. Each has taken active steps to ensure that their crypto ecosystem has thrived. Nigeria was the first African country to establish a functioning CBDC. While South Africa embraced the age of digital assets from the get-go.

Together, these four have attracted multiple investors within their environment. Furthermore, each has inspired their peers to embrace blockchain technology and its revolutionary concepts. Binance, Polygon, Ethereum, and other crypto titans have taken active steps to spread the adoption of digital assets in Africa. This is mainly because of the potential and milestones these four nations have achieved. In recent news, South Africa’s(SA’s) crypto market has received yet another collaborator as Bybit exchange launches new crypto derivatives products and fiat on-ramp services within the region.

The History of Bybit Exchange

According to CoinGecko, the global crypto market cap is $1.14 trillion. This valuation is a testament to the benefits of ongoing and fallen crypto exchanges. Each has provided the necessary services and tools to trade, sell, and buy cryptocurrency. Despite the industry highlighting key exchanges like Binance, Coinbase, and Kraken, there are still several key figureheads.

They have maintained the ecosystem and assisted in Africa’s digital transformation. Ben Zhou founded Bybit Exchange in 2018 during Bitcoin’s golden age. In one year, Bitcoin’s value rose from $900 at the end of 2016 to $17000 at the end of 2017. Throughout the years, Bybit has become a core exchange that has survived numerous crypto winters. Bybit is one of the few crypto exchanges that has managed to stay afloat even after the US SEC banned it from operating on US soil. 

Also, Read Stringent penalties imposed on unlicensed crypto companies in South Africa.

Since its founding, Bybit’s exchange has operated at a slightly different angle than most of its peers. In a nutshell, Bybit Exchange is a derivatives exchange that offers a broader range of tools specifically designed to cater to experienced traders. Due to this feature, it offers high returns in successful trades but also has high risk. Its tools have aided traders for years, and are one of the few reasons it has managed to survive the 2023 crypto winter.

Bybit features

Among its various advantages is its 100x leverage feature. This means that its users can trade a position of $10,000 from a $100 investment. This feature is among its best features as experienced traders make high profits from leveraging trades as it magnifies the potential of trading rewards.

Bybit-Exchange

Bybit offers plenty of tools that cater to veteran traders.[Photo/Medium]

To accompany this feature is its sophisticated smart contract, handling over 100,000 transactions per second. This feat has set Bybit Exchange apart from its peers and is known to suffer minimal server downtime. In addition, this derivatives exchange uses charting tools over a wide array of functionalities to ensure near-accurate predictions. 

Despite its complex tools, Bybit has also offered a Risk-Free test net environment, allowing new traders to test strategies and learn how to use the site. This feature has molded several thousands of crypto traders into veterans capable of diving into the market without any fear.

Bybit sets its sight on SA’s crypto market

Amid Africa’s crypto ecosystem, South Africa is the only country that fully embraced digital assets. In the past decade, SA’s crypto market has thrived due to the collaboration between its crypto traders and government. It is also the first African country to acknowledge cryptocurrency as a financial product. This was a feat even developed countries struggled with. SA’s crypto market is thriving, with multiple exchanges facilitating the trade and Crypto ATMs.

Also, Read Chains.com: A new crypto exchange and NFT platform for web3 users.

These and many more reasons are why Bybit intends to launch several crypto derivatives products and fiat on-ramp services within its ecosystem. Joshua Yau, Bybit’s Regional Manager for Africa, said, “This marks a significant milestone for Bybit as we bring access to global leading products to the passionate crypto community in South Africa in line with regulatory requirements. This marks an important step in our compliance efforts. We are committed to providing a secure and seamless trading experience, industry-leading trading tools, and low-cost access that empower our users.“

According to Bybit Exchange’s official site, the fiat on-ramp services will allow users to deposit South African Rands conveniently through bank transfers. Aside from also including an instant transfer option, the fiat on-ramp services will provide users with a seamless and cost-effective means of accessing cryptocurrencies.

This feature will open up SA’s crypto market to Bybit’s renowned liquidity and trading tools. Ben Zhou commented, “Our expansion into South Africa reaffirms Bybit’s mission to make cryptocurrency trading accessible to all and to be compliant with local regulations. We believe in the power of blockchain technology to revolutionize finance. This expansion represents another step towards achieving that vision.“

Furthermore, the crypto derivatives products will open more opportunities for profit for venture traders. SA’s crypto market will gain additional functions and abilities as its government formulates a crypto legal framework.

The Bybit exchange has only slightly benefited Africa’s crypto ecosystem, but with the new partnership, they intend to significantly improve it. With Bybit’s presence alongside other recent collaborators, South Africa is poised to dominate Africa’s crypto ecosystem in a matter of years.

Wrapping Up

Bybit is among the top five crypto exchanges in the industry today. Despite its alternative approach as a derivatives exchange, it holds significant influence over the industry. Furthermore, it’s crypto derivatives products and fiat on-ramp services may just assist Africa in retaining its former adoption rate. As for SA’s crypto market, we expect significant improvements with the environment’s positive approach towards digital asset adoption.

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